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.

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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