State Policy Network mourns the loss of a giant in the liberty movement, William A. “Bill” Dunn. Bill was the visionary founder of DUNN Capital Management, a successful investment firm, and supporter of many worthy organizations within the Network dedicated to the principles of free markets and individual liberty.
Bill was a trailblazer in quantitative finance, known for pioneering the use of technical, computer-based models to trade futures portfolios. With a Ph.D. in theoretical physics, Bill brought a scientist’s rigor to the financial world. In 1974, he founded DUNN Capital Management and revolutionized trend-following strategies, proving that disciplined, rules-based systems could outperform intuition and market noise. His approach reshaped how modern finance evaluates risk and opportunity.
Following his studies, Bill worked as a contractor for the Navy, Marine Corps, Coast Guard, and Joint Chiefs of Staff, conducting cost-benefit analyses under Secretary of Defense Robert McNamara. A former Marine and a man of wide-ranging interests—from fly fishing to sailing—Bill’s life was marked by intellectual curiosity, warmth, and a steadfast belief in liberty. His philanthropy reflected that belief, supporting numerous policy organizations through the Dunn Foundation.
“Bill Dunn is surely one of the most important funders and friends to the Liberty Movement. Ever. And it’s possible an entire generation of staffers and givers don’t know that. And in a way, that’s exactly how Bill would have wanted it,” said Lawson Bader, SPN’s board chairman.
“His laugh, his grip, his irreverent humor, his sheer presence and passion was contagious. He just instinctively knew what was right. And he made damn sure you did, too, but he always had your back.
Fair passage, Cowboy. Ride free.”
SPN President and CEO, Tracie Sharp, reflects on Bill’s legacy:
“Bill always had a mischievous glint in his eyes—the kind that belongs to someone who truly loved life and connecting with others. That sparkle was unmistakable. It would appear when he was about to share a story, offer an insight, or deliver one of his perfectly timed quips that would leave everyone smiling.
Behind those expressive eyes was a remarkably quick mind. Bill had this extraordinary ability to cut through noise and recognize what truly mattered. He could assess a situation, a conversation, or even a person, and immediately discern value where others might miss it. This gift no doubt contributed to his tremendous success professionally, and it showed in his philanthropic endeavors as well.
Bill didn’t waste time on pretense or superficiality. He was quick to spot opportunity worthy of investment of his time, talent, and treasure. This made his friendship a true gift—one that many of us were fortunate to receive.
The world feels a bit dimmer without Bill’s presence, without that gleam in his eyes that reminded us to embrace life fully. But the impact he had—the lessons he taught through his giving and personal example—those remain with us as his enduring legacy.”
Our hearts go out to the Dunn Family, including his wife, Rebecca, and their daughters. We thank them for their commitment to the values that have made America prosperous. We’re grateful to Rebecca for all she does to carry their philanthropic impact forward.
