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# ![@orrdavid Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::97739069.png) @orrdavid David Orr

David Orr posts on X about $9435t, stocks, business, $hpp the most. They currently have XXXXXX followers and XX posts still getting attention that total XXXXX engagements in the last XX hours.

### Engagements: XXXXX [#](/creator/twitter::97739069/interactions)
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- X Week XXXXXXX -XX%
- X Month XXXXXXXXX -XX%
- X Months XXXXXXXXX +85%
- X Year XXXXXXXXX -XX%

### Mentions: XX [#](/creator/twitter::97739069/posts_active)
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### Followers: XXXXXX [#](/creator/twitter::97739069/followers)
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- X Week XXXXXX +1.40%
- X Month XXXXXX +5.80%
- X Months XXXXXX +33%
- X Year XXXXXX +54%

### CreatorRank: XXXXXXX [#](/creator/twitter::97739069/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::97739069/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  XXXXX% [countries](/list/countries)  XXXX% [technology brands](/list/technology-brands)  XXXX% [currencies](/list/currencies)  #2222 [stocks](/list/stocks)  XXXX% [cryptocurrencies](/list/cryptocurrencies)  XXXX%

**Social topic influence**
[$9435t](/topic/$9435t) #5, [stocks](/topic/stocks) 7.87%, [business](/topic/business) 6.74%, [$hpp](/topic/$hpp) #3, [debt](/topic/debt) #1863, [balance sheet](/topic/balance-sheet) 3.37%, [japan](/topic/japan) 3.37%, [strong](/topic/strong) 2.25%, [history](/topic/history) 2.25%, [market cap](/topic/market-cap) #829

**Top accounts mentioned or mentioned by**
[@ron284ron](/creator/undefined) [@acapitallp](/creator/undefined) [@0xmerridew](/creator/undefined) [@sowingalphaseed](/creator/undefined) [@svrnco](/creator/undefined) [@altaycapital](/creator/undefined) [@junkbondinvest](/creator/undefined) [@realassetsvalue](/creator/undefined) [@joshbilisko](/creator/undefined) [@ljp0101](/creator/undefined) [@biohazard3737](/creator/undefined) [@glbeaty](/creator/undefined) [@rodrigoethe](/creator/undefined) [@biremecapital](/creator/undefined) [@blueoutliercap](/creator/undefined) [@swinshi](/creator/undefined) [@profplum99](/creator/undefined) [@proyandavid](/creator/undefined) [@johnqpublic512](/creator/undefined) [@jonlitt](/creator/undefined)

**Top assets mentioned**
[Cushman & Wakefield plc Ordinary Shares (CWK)](/topic/$cwk) [Copart, Inc. (CPRT)](/topic/$cprt) [QuantixAI (QAI)](/topic/$qai) [Goldman Sachs (GS)](/topic/goldman-sachs) [GammaSwap (GS)](/topic/$gs) [Energy Transfer, LP. (ET)](/topic/$et) [Alphabet Inc Class A (GOOGL)](/topic/$goog)
### Top Social Posts
Top posts by engagements in the last XX hours

"On VIC value investing podcasts etc: Why does the thesis always have to be so complicated So "high-IQ" There's always some complicated narrative or situation that has some hidden value. Or how some big macro force is going to totally change the industry. Or how they're going to inflect to big profitability because XYZ. They keep getting it wrong. Basically always. It's seemingly never "Here's a Japanese stock growing earnings 10%/year trading for XX times earnings. Biz quality is pretty good. And here's why they'll keep growing for at least a few more years.""  
[X Link](https://x.com/orrdavid/status/1670150947245289479)  2023-06-17T19:26Z 25.6K followers, 252.3K engagements


"Hikari Tsushin $9435 is run by an allocator that doubles book/share every 3-4 years. Runs XXX% leverage in a ZIRP environment. Website gives Teledyne or Berkshire vibes. Trades for 1.5x book / 10x earnings"  
[X Link](https://x.com/orrdavid/status/1802178070092148749)  2024-06-16T03:15Z 25.6K followers, 99.8K engagements


"This one is pretty illiquid but without more information I cannot buy more so I might as well ask: Fujita Engineering $1770 has a large investments line on its balance sheet. Does anyone have insight as to what these are Stocks The translator is not helping here"  
[X Link](https://x.com/orrdavid/status/1820064866633154830)  2024-08-04T11:50Z 25.6K followers, 4973 engagements


"I just went through all of these public equities owned by Hikari Tsushin $9435. In the second image many of the companies they own a large % of are tiny. Lots of this stuff has a strong balance sheet. Just consistently profitable stuff some with improving earnings"  
[X Link](https://x.com/orrdavid/status/1826094210421858386)  2024-08-21T03:09Z 25.6K followers, 8663 engagements


"Hikari Tsushin $9435 reports net "unusual" gains year after year. I don't think I've ever seen a company do that before. It's like the complete inversion of most shitcos"  
[X Link](https://x.com/orrdavid/status/1827114063710572866)  2024-08-23T22:41Z 25.6K followers, 6269 engagements


"I have a XX% position in Hikari Tsushin $9435 today but I swear it's not big enough. If this was a US stock - so that I understood it better - I'd probably be at 20%"  
[X Link](https://x.com/orrdavid/status/1827487768316145833)  2024-08-24T23:26Z 25.6K followers, 48.7K engagements


"$9435 Hikari Tsushin summary. Wonder how much AI can even improve from here. this is excellent"  
[X Link](https://x.com/orrdavid/status/1922889861888921735)  2025-05-15T05:40Z 25.6K followers, 6645 engagements


"Compare the websites of Cushman & Wakefield $CWK and DRAFT $5070 That's pretty much my whole thesis for being long DRAFT a tiny but fast growing microcap"  
[X Link](https://x.com/orrdavid/status/1941657037685022884)  2025-07-06T00:34Z 25.6K followers, 5938 engagements


"Even Buffett was doing this. He was also short selling broad baskets of stocks in the partnership days. And I'm guessing there were other things he wasn't even talking about all these years because why crowd an edge"  
[X Link](https://x.com/orrdavid/status/1964301847688065048)  2025-09-06T12:17Z 25.6K followers, 3803 engagements


"I'd point out too that Hikari Tsushin's $9435 model is very similar - cheap stocks and work outs. And they even have the value adding portion by using their own elite marketing staff for these businesses"  
[X Link](https://x.com/orrdavid/status/1964302143239954682)  2025-09-06T12:18Z 25.6K followers, 3106 engagements


"My best shorts always have the lowest IQ theses. This one the thesis didn't go further than "Short car stuff" and "Large competitor runs a fast growing but unsustainable business that hurts $CPRT." The thesis was mostly just "short car stuff" if I'm being honest"  
[X Link](https://x.com/orrdavid/status/1997920777912692934)  2025-12-08T06:46Z 25.6K followers, 6799 engagements


"I studied stocks for XX hours straight yesterday got X hours of sleep and just woke up to study them for another XX hours today. If you don't genuinely love doing this all the time it sure seems hard to compete"  
[X Link](https://x.com/orrdavid/status/1822208868132237415)  2024-08-10T09:50Z 25.6K followers, 60.6K engagements


"$QAI a "multi-strategy" ETF has zero real return in ten years and has a XX% drawdown. $XXX million AUM somehow. People must be hungry for alt publicly listed investments"  
[X Link](https://x.com/orrdavid/status/1941054243693383729)  2025-07-04T08:39Z 25.6K followers, 3634 engagements


""In 2001 she joined Hotel Shilla a member company of the Samsung Group specializing in travel retail and the hospitality business. She has been the president and CEO of Hotel Shilla since December 2010." When nepotism goes wrong"  
[X Link](https://x.com/orrdavid/status/1961362790570229814)  2025-08-29T09:38Z 25.6K followers, 1443 engagements


"Thought experiment on a net/net valuations: A boring predictable company with no headwinds or tailwinds has flat earnings. It has no debt. It pays out all of its earnings every year. For years it trades for 12x earnings. One day new management takes over and they claim to be worried about the future of their industry even when it's not justified. They stop paying out shareholders every year and have an explicit policy of simply allowing cash to pile up which earns some small interest. How bad is this news what is a new reasonable multiple for the company The key question about this company"  
[X Link](https://x.com/orrdavid/status/1971560399129698617)  2025-09-26T13:00Z 25.6K followers, 8550 engagements


"The key point of a brand is easily communicating trust"  
[X Link](https://x.com/orrdavid/status/1976463457282293857)  2025-10-10T01:43Z 25.6K followers, 2141 engagements


"My upgraded investing setup X years later"  
[X Link](https://x.com/orrdavid/status/1983530918351634459)  2025-10-29T13:46Z 25.6K followers, 2.8M engagements


"It's funny that ChatGPT gets it just from that one image"  
[X Link](https://x.com/orrdavid/status/1994614880297783650)  2025-11-29T03:50Z 25.6K followers, 3030 engagements


"I stopped reading the book about Goldman Sachs pretty fast. The story of $GS summarized: X. A couple of families created a great commercial paper business that went well for decades. X. They began outsourcing the firm's decisions to outsiders which led to repeated blow ups. X. After each blow up the firm "learned something new and important" and added more dumb company wide mantras. Which is why they ultimately blew up again in 2008 and will most likely again in the future. Unfortunately the government will likely bail the company out long term unless they're particularly awful because"  
[X Link](https://x.com/orrdavid/status/1994615592637108342)  2025-11-29T03:53Z 25.6K followers, 3253 engagements


"If any of you have ideas on how to actually make this happen please let me know"  
[X Link](https://x.com/orrdavid/status/1996540774318780501)  2025-12-04T11:23Z 25.6K followers, 2102 engagements


"It's easy for firms to have employees send in their personal trade histories and very quickly check for conflicts of interest vs what the employee trades/covers at a firm. Whole thing takes a few minutes to check and I have active PMs where it's harder than most employees"  
[X Link](https://x.com/orrdavid/status/1996756287112319166)  2025-12-05T01:39Z 25.6K followers, 9809 engagements


"I've started reading Mitsui the 300+ year long history of the largest pre-war Zaibatsu. The company's founder did something incredibly contrarian and gave up his high status samurai title voluntarily to take up a low status merchant identity. This is why:"  
[X Link](https://x.com/orrdavid/status/1994637525609320744)  2025-11-29T05:20Z 25.6K followers, 12.7K engagements


"Brokers should be vehemently fighting over clients with certain characteristics but most are not. * Net cash so self funding * Low beta * Factor aware * Managed liquidity * Is fine with 4x leverage doesn't want 8x * Persistent rather than spikey margin useage"  
[X Link](https://x.com/orrdavid/status/1997646577989468649)  2025-12-07T12:37Z 25.6K followers, 1280 engagements


"In 2021 Energy Transfer $ET had a super clear path to 100%+ upside while being paid a large dividend. Dream International $1126 today similarly has a clear path to shares trading 150%+ higher while being paid a huge dividend. There's far more idiosyncratic risk but it's also way cheaper than $ET was and Dream has more upside asymmetry for earning's growth. Boiled down you're betting on manufacturing to continue leaving China for Vietnam. I'm risking XXX% today. If liquidity was no constraint (which it's not if you're a small PM) I'd be risking X% instead. EPS could grow XX% and multiple"  
[X Link](https://x.com/orrdavid/status/1791961622203842596)  2024-05-18T22:38Z 25.6K followers, 80.6K engagements


"The Militia Long/Short Equity ETF has launched The ticker symbol is $ORR and it just began trading. The strategy is similar to my hedge fund investing in global stocks up to XXX% long and XXX% short. This strategy will typically have lower correlation and beta to the market than most public investments. This means that during a strong bull run $ORR will have a tough time keeping up. But in a weak market $ORR is expected to outperform. My reasons for launching $ORR rather than growing my hedge fund: Many of the investments in my hedge fund are illiquid and I wont be able to trade them if my"  
[X Link](https://x.com/orrdavid/status/1881719305219588132)  2025-01-21T15:03Z 25.6K followers, 353.6K engagements


"Several fund managers I know and respect a lot have told me for years that it's not good for my own business every time I publicly criticize large fund managers. This is because many allocators feel personally insulted by those attacks because they are invested in those funds. Thus if I'm critical about a bunch of large funds I burn down bridges. I've known this for years but I do this anyway. Why X. I find all the dishonesty in this industry extremely distasteful. I think more people should be willing to say what they see. X. I don't care about endlessly raising AUM. X. I particularly don't"  
[X Link](https://x.com/orrdavid/status/1995561280498008283)  2025-12-01T18:30Z 25.6K followers, 48.6K engagements


"This fintwit favorite is worth zero. All the guys who like the stock do not understand the basics of capital structures"  
[X Link](https://x.com/orrdavid/status/1995877430356242795)  2025-12-02T15:27Z 25.6K followers, 24.4K engagements


"I think corp governance in the USA is shockingly bad. If it wasn't for the mag7 alone and a handful of other good companies (things like JPM) it would be screamingly obvious in the numbers. Terrible US management of small failing companies pay themselves every penny on the way to zero every time. Management compensation is way too high generally in the USA. Passive owns so many shares that it's impossible to fight the status quo on most stocks which is why it's wild when anyone even tries to go activist in the USA"  
[X Link](https://x.com/orrdavid/status/1996031129556844643)  2025-12-03T01:38Z 25.6K followers, 15.4K engagements


"To my European followers: I'm having someone I trust a lot study how to launch an ETF in Europe and get it broadly available by Europeans. Here is what I heard back "I have asked everyone in finance and marketing about the European ETF. My concern was the lack of demand but there is a bigger issue. The constraint is distribution. UCITS ETFs are theoretically available everywhere but in practice the product only exists inside a bank once the bank onboards it into its internal security universe. That onboarding is discretionary slow political and driven by incentives we cannot control. Large"  
[X Link](https://x.com/orrdavid/status/1996540772620050849)  2025-12-04T11:23Z 25.6K followers, 6252 engagements


"If that's right my base case is $GOOG goes up another 50%. Why wouldn't it"  
[X Link](https://x.com/orrdavid/status/1997498728119513246)  2025-12-07T02:49Z 25.6K followers, 4087 engagements


"Been doing an hours long chatGPT session about risk management as a prime broker. I really think I could run the best broker in the world"  
[X Link](https://x.com/orrdavid/status/1997643191281979760)  2025-12-07T12:23Z 25.6K followers, 7214 engagements


"Even if "turning real estate into securities" were a true free market it seems bad and should be banned. But when the central bank providers the owner of those real estate securities a free forever insurance policy That's not even capitalism anymore. People talk central banks a lot but not enough emphasis is given to the real estate portion specifically. This stuff is totally evil quietly stealing money away for everyone and handing it over to "capitalists" who are of course not really capitalists at all. Why do young people prefer socialism over this fake capitalism Gee I wonder"  
[X Link](https://x.com/orrdavid/status/1997830879889244331)  2025-12-08T00:49Z 25.6K followers, 4628 engagements


"ChatGPT says there were few Japanese winners from the 1980's real estate bubble since almost nobody sold. Think about what that says about markets generally. Point five is spot on. "We never blew up but three decades of your working life are the equity recap.""  
[X Link](https://x.com/orrdavid/status/1997839347631206579)  2025-12-08T01:23Z 25.6K followers, 2850 engagements


"Some equity funds with stats worth investing in assuming funds are diversified. This is after fees. Bare minimum: * Long only XX% IRR that owns truly non-index stuff * Long/short with XX% IRR that has a XX% max drawdown * Long/short with XX% IRR that has a XX% max drawdown"  
[X Link](https://x.com/orrdavid/status/1997928529888223548)  2025-12-08T07:17Z 25.6K followers, 18K engagements


"$9435 Hikari Tsushin's business model is simple and great: * Have some of the best salesmen in Japan sell company products and reward them handsomely on their performance * Acquire more companies that benefit from having these best salesmen sell their products * Find the best underused talent from those acquired often stagnant companies and cycle them into the core business * Repeat over and over. What's the growth runway on that model"  
[X Link](https://x.com/orrdavid/status/1922901689746718958)  2025-05-15T06:27Z 25.6K followers, 6195 engagements


"Below are the financials of Relo Group $8876 XX% return on capital trades for 11x earnings clean balance sheet. I found Hikari Tsushin $9435 because as I searched for cheap Japanese stocks like this one I kept seeing Hikari owning cheap stuff like this"  
[X Link](https://x.com/orrdavid/status/1963580924546756785)  2025-09-04T12:32Z 25.6K followers, 11K engagements


"Hikari Tsushin $9435 borrows in USD at X% for XX years taking advantage of the easy US debt market in the USA right now. Also worth contrasting this with the no bid in private credit broadly despite such narrow spreads"  
[X Link](https://x.com/orrdavid/status/1965984538901012872)  2025-09-11T03:43Z 25.6K followers, 5984 engagements


"Another holding of $9435: 13x earnings XX% of the market cap in cash No debt XX% return on capital Hikari Tsushin also believes in stepping over X foot hurdles . only with far more favorable terms on their debt than I can get"  
[X Link](https://x.com/orrdavid/status/1966074358729965737)  2025-09-11T09:40Z 25.6K followers, 18.1K engagements


"Importantly Hikari Tsushin does not charge hedge fund like fees for making these investments. That's the killer subtle variable that steals all/most of the value away from shareholders of permanent capital vehicles. Just like @davidein's $GLRE scam"  
[X Link](https://x.com/orrdavid/status/1966075036428894439)  2025-09-11T09:43Z 25.6K followers, 3199 engagements


"Most short sellers crowd into the same XX companies. It's always the same rough basket even if the companies change over time: * XX growth companies trading at crazy valuations often with no profits * XX commonly known frauds * XX extremely shorted and hated melting ice cubes"  
[X Link](https://x.com/orrdavid/status/1982603284583248207)  2025-10-27T00:20Z 25.6K followers, 14.6K engagements


"$HPP The common stock holders technically still own those X good properties. But watch how that plays out longer term"  
[X Link](https://x.com/orrdavid/status/1996059942105866607)  2025-12-03T03:32Z 25.6K followers, 6611 engagements


"$HPP for example. For comparison "bad" corporate governance in Japan means managers being too conservative with the company's cash while paying themselves a couple million dollars a year. And they have real actually profitable companies rather than insolvent ones"  
[X Link](https://x.com/orrdavid/status/1996084281790398571)  2025-12-03T05:09Z 25.6K followers, 22K engagements


"So $HPP management paid themselves XX% of the entire company's market cap in X years flat. And nobody in the USA even calls something like this horrific corp governance which it absolutely is"  
[X Link](https://x.com/orrdavid/status/1996084735249186844)  2025-12-03T05:11Z 25.6K followers, 3375 engagements


"I'd bet the amount of money $HPP burns on a private jet per year is more than most Japanese CEOs for similar sized companies get paid. Or probably the entire executive team really"  
[X Link](https://x.com/orrdavid/status/1996092404999573940)  2025-12-03T05:41Z 25.6K followers, 1062 engagements


"In 2019 Japan rightfully banned / made illegal the practice of buying event tickets and reselling them above face value. Companies like Stub Hub circumvent the law by claiming to be neutral third party marketplaces. This is a great example of a business that shouldn't be allowed to exist. A cancer on society. And it's also a great example of a modern "tech" and "services" company that does nothing good just a purely negative rent seeking monopoly. They all seem like awful businesses to own long term. Even if governments are slow to react they will eventually"  
[X Link](https://x.com/orrdavid/status/1996146166421950925)  2025-12-03T09:15Z 25.6K followers, 10.3K engagements


"Anyway I was primarily studying $3289 Tokyu Fudosan Holdings Corporation's history here. My conclusion is maybe it's an okay real estate play. Key variable is if they'll continue making great large scale redevelopments. If so you probably do a XX% IRR long term with a wide range depending on how individual large projects go. Also all companies like this benefit or lose a lot depending on government policy which is a total crap shoot. My take: there are way better companies to play Japanese real estate though this one isn't bad"  
[X Link](https://x.com/orrdavid/status/1997840384437944683)  2025-12-08T01:27Z 25.6K followers, 2278 engagements


"A nickname for this return stream: Allocator Junk"  
[X Link](https://x.com/orrdavid/status/1997931082927554929)  2025-12-08T07:27Z 25.6K followers, 3446 engagements


"This is especially bad because in reality most funds like that are more like XX% IRR for 5-10 years. And then after that they just ride false pedigree / brand value on a .6 Sharpe"  
[X Link](https://x.com/orrdavid/status/1997931697950929126)  2025-12-08T07:30Z 25.6K followers, 5090 engagements