# This Ex-Poker Pro Built a Hedge Fund by Betting Against Beta – David Orr on Asymmetric Bets

Page: https://stenobird.com/podcast/odds-on-open-7262993/this-ex-poker-pro-built-a-hedge-fund-by-betting-against-beta-david-orr-on-asymmetric-bets
Text version: https://stenobird.com/podcast/odds-on-open-7262993/this-ex-poker-pro-built-a-hedge-fund-by-betting-against-beta-david-orr-on-asymmetric-bets.md
Podcast: [Odds on Open](https://stenobird.com/podcast/odds-on-open-7262993)
Published: 2026-01-12T15:54:11+00:00
Episode link: https://podcasters.spotify.com/pod/show/odds-on-open/episodes/This-Ex-Poker-Pro-Built-a-Hedge-Fund-by-Betting-Against-Beta--David-Orr-on-Asymmetric-Bets-e3dheqh
Audio file: https://anchor.fm/s/101506278/podcast/play/113867025/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-0-12%2F415952698-44100-2-983a8300cd7c1.mp3
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Duration seconds: 3809

## Resource

Ethan Kho interviews David Orr, a former professional poker player turned hedge fund manager. They discuss David's journey from poker to founding Militia Capital, his investment philosophy, and the lessons learned from both industries. David shares insights on risk management, the importance of finding asymmetric bets, and the challenges of the hedge fund industry. He also offers advice for aspiring investors and reflects on the future of hedge funds.

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## Transcript

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