This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.

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This is a special previously unaired bonus episode of OPM with one of my most popular guests @hfreflection where we dive into the important topic of hedge fund compensation, with a particular focus on analysts and the investment team. How a hedge fund founder structures compensation and incentives for the investment team has a huge impact on the way investment research gets done. It can influence whether ideas are shared or hoarded and whether preventing mistakes is rewarded equally with finding new ideas. We also discuss when analysts should get points and how founders should deal with the reality that all analysts have different ideas about what they want their career path to look like.

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This Other People’s Money episode is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax

Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.

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An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

This Other People’s Money episode is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax

Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing.

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An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

Timestamps

00:00 Intro

00:31 $SMH & SMHX

01:21 Militia Capital’s Growth Into a Multi-Manager

04:57 Twitter & Social Media

07:33 Marketing & 506(c) Hedge Funds

11:11 Benchmarking to the S&P 500

15:00 Comparing to Large Multi-Manager Funds

17:11 VanEck Mid-Roll

18:06 Risk Managing Other PMs & Collaboration

20:06 David’s Investing Philosophy

27:36 Investors Who Don’t Know Anything

38:51 Market timing & the Current Environment

45:40 Trading Macro

48:14 Hunting For New Portfolio Managers

51:32 David’s Favorite Accounts on Twitter

54:04 Rethinking Compliance

57:52 Outro

This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy

Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM to explore their winding path to scale and how adapting to the opportunities from the SPAC boom of 2021 brought them new investors and strategies. They also discuss how AI has drastically changed their investing process and their cost structure, the importance of negotiating and changing service providers, and why hedge fund marketing is an active endeavor.

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Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy

There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption

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Timestamps

00:00 Intro

01:25 The Rapid Pace of AI Advancements

07:15 How to Start Adding AI to Your Process

15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research

18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World

23:19 Importance of Clearly Defining Your Investment Process Before Adding AI

26:35 The Role of Specialty Investment Tools

29:49 Custom vs Off-The-Shelf Solutions

38:16 Thoughtful AI Prompting is Key

44:01 Biggest AI Pitfalls to Avoid

48:52 How Has AI Shifted the Competitive Landscape?

54:43 AI Investing Bootcamp

This episode is brought to you by Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy today: https://www.fundamentedge.com/ai-academy

In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward.

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Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe.

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Timestamps

00:00 Intro

04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs

06:38 Launching Svelland Capital with Personal Capital

09:03 The First Major Hurdles: 3 Years & $100m in AUM

10:56 ESG and the Commodity Market Backdrop

15:59 Underinvestment & Undersupply in Shipping & Commodities

20:41 Trading Global Supply Chains Shifts

23:44 Trade Expression & Commodities Portfolio Construction

29:06 The Effects of New Commodity Market Participants

36:06 TTF Gas Markets & Price Spike Potential

39:38 Multiple PMs & The Benefits of Taking Risk

42:05 Thinking Internationally & Advice for Young Commodities Traders

45:56 International Investor Interest in Commodities

48:00 Managing AUM Growth & Capacity Constraints

Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors.

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Timestamps

00:00 Intro

00:34 The Birth of Modern Banking in the Middle East

10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity

19:09 Engagement vs. Activism

27:17 Nathan's Famous Hot Dogs Case Study

33:05 Take Private Opportunities

35:55 Investing in a "Classical" Style

38:43 Talking About Process Instead of Positions

45:02 Value Investing in Tech and Old-Line Businesses

50:05 Team Continuity & Incentives

54:18 Marketing After 10+ Years

David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms.

David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals.

For accounting services David uses: https://rsmus.com

For outsourced compliance services David uses: https://www.salusgrc.com

For legal services David uses: https://www.akingump.com/en

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00:00 Intro

00:30 The Most Important Aspect of Investing

10:16 The Market for Concentrated Investing

13:47 Staying in the Game

17:45 Non-Standard Structures Are a Risk

19:41 New Structures for Individual Investors

27:11 Communicating Investing Process

34:28 Using AI to Cut Investment Research Costs

49:04 The Mission of $1B to $100B