Bringing Long/Short Hedge Fund Strategies to ETFs | David Orr (Bonus Episode)
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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What China is Really Doing With Its “Giant Surpluses” | Brad Setser on China’s Export Dominance, Trade Strategy, and Capital Flows
This episode of Monetary Matters is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack
Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025.
Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus
“China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add
“China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule
“China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning
“The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate
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Panic on Wall Street | First Brands’ Credit Shockwave & Trump’s 100% China Tariff Threat
This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jack Farley & Max Wiethe react to the weakness in the credit markets upon the large (>$10 Billion) bankruptcy of First Brands and the banks and financial entities that have exposure to it, such as Jeffries, UBS, and others. They also discuss President Trump’s threat to raise tariffs on China substantially, which he later specified as 100%, which sent the stock market and other risk assets tumbling on October 10.
Gymkhana Partners’ (a client) piece on India and tariffs: https://www.gymkhanapartners.com/dispatches/missing-the-forest-for-the-trees
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How Governments Can Actually Raise More Revenues | Taxation Expert Richard Murphy
Richard J Murphy, a political economist, chartered accountant,
tax reform advocate, and professor emeritus at the University of Sheffield,
joins Jack on Monetary Matters to discuss tax reform, economic theory,
inflation, deficits, central banking, and more. While the stock market has
risen to record heights, there is an increasing uncertainty on the health of
the economy. Richard gives his insights into how he believes that we can both increase the productivity of the economy and general welfare by reforming the taxation system.
Follow Richard Murphy on Twitter https://x.com/richardjmurphy?lang=en
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Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/
Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/
Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X
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The AI Capex Bubble, Gold & Silver on the Rise, and Signs of Market Froth | Jack & Max
This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing.
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Timestamps:
00:00 Intro
00:27 No Jobs Numbers & Government Shut Down
02:12 AI Capex Bubble
09:55 Market Bubbles
19:08 Gold & Silver on the Rise
30:21 Fiscal AI
31:44 Opportunities for Shorting ($SWBI)
46:13 Data Center Buildout Theme
48:21 Rates Market is Too Dovish
52:26 Polling the Audience
55:53 Small Cap Season
57:35 Trusting the Bull Market
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