This page and these documents are not a solicitation or recommendation to invest in Militia Capital Partners LP or any other security.
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Militia Capital Letters
2025 Q2 – Five Year Reflection
2025 Q1 – I Beat the Warren Buffett Partnership
2024 Q3 – Yen Carry Trade Blowout
2024 Q2 – Portfolio Managers Update
2024 Q1 – New Portfolio Manager Early Update
2023 Q4 – Backing Our First Portfolio Manager
2023 Q3 – Autocorrelation and Flocks of Sheep
2022 Q4 – Bankruptcy Tidal Wave Incoming
2022 Q3 – A Textbook Bear Market Rally
2022 Q1 – When to Trim Your Militia Capital Investment
2021 Q4 – Three Pronged Short Plan
2021 Q2 – Grab Bag of Mania Market Long Ideas
2021 Q1 – Speculative Stocks Break Down
Militia Capital Audits
Letters prior to Militia Capital launch
2020 Q1 – How I Learned to Stop Worrying and Love The Virus
2019 Q1 – Dave’s Fund Intro Letter
Interviews
LEGAL DISCLAIMER
The information contained on this website and in these letters reflects the opinions and projections of David Orr, founder and portfolio manager at Militia Capital. Mr. Orr’s opinions and projections are subject to change without notice. All information provided on this website and in these letters are for informational purposes only and should not be interpreted as investment advice or a recommendation to purchase or sell any specific security. While Mr. Orr believes that the information presented herein is reliable, no representation or warranty is made concerning the accuracy of the data presented. Indeed, this website and these letters are NOT an offer to sell or the solicitation of an offer to buy any interests in any Fund managed by Militia Capital or David Orr. Any such offer to sell or solicitation of an offer to buy will be made only pursuant to definitive subscription documents between the Fund and the Investor.
Performance returns – gross and net – are computed by Mr. Orr. Net returns are net of performance fees and management expenses, if any. Upon request, Mr. Orr can provide additional information regarding how gross and net returns are computed. The most recent year figures are unaudited, as are any returns mentioned prior to the fund’s launch in 2021. Past performance is not indicative of future results. Each investor / Limited Partner will receive individual statements from the funds’ administrator showing actual returns. Reference to the S&P 500 does not imply that Militia Capital will achieve returns, volatility, or other results similar to that index. Indeed, while the S&P 500 is a long-only index primary of large capitalization companies, Militia Capital takes long and short positions in many securities. As such, Militia Capital’s portfolio may often differ materially from the S&P 500, hence the manager’s consistent reference in his letters to a lack of correlation. The specific investments identified and described in these letters are not a representation of all potential positions or strategies used by the Fund and, to the contrary, may represent a small percentage of activity. This information is presented to provide insight into explaining the Fund’s performance, Sharpe ratio, or commenting on investment principles such as valuation.
© 2025 Militia Capital Management LLC