In memoriam: Bill Dunn​

William A. “Bill” Dunn, a pioneer in financial trading and the development of technical, computer-based models for futures portfolios and a former chairman of Reason Foundation, passed away on March 31, 2025, at the age of 90. Dunn was the founder and chairman emeritus of DUNN Capital Management, Inc., a successful investment firm headquartered in Stuart, Florida. 

Dunn joined the board of trustees of Reason Foundation in 1994 and served as chairman between 2005 and 2013. 

“Bill was a fearless defender of liberty,” said Reason Foundation President David Nott. “He lived by the ‘cowboy ethics’ of courage, integrity, and self-reliance, while tirelessly advancing a vision of a free and just society.”   

Dunn grew up in Kansas, graduating with a Bachelor of Science degree in engineering physics from the University of Kansas in 1960. He earned a Ph.D. in theoretical physics from Northwestern University in 1996 and conducted research and system analysis studies for the Navy, Marine Corps, Coast Guard, and the Department of Defense. He also held research and faculty positions at the University of California and Pomona College in 1965 and 1966. 

In the early 1970s, Dunn saw an opportunity to apply his mathematics skills to the world of finance, developing a sustainable model that examines data to determine and follow major market trends, using sophisticated algorithms that mitigate risk. He founded DUNN Capital Management in 1974, setting industry standards that reflected his deep understanding of market forces, and became a legend among futures traders for his quantitative analysis of market trends. 

In 1994, he established Dunn’s Foundation for the Advancement of Right Thinking to advocate for the classical liberal ideas of individual liberty, free markets, and the rule of law. “The need to limit government growth has never been more urgent,” said Dunn in a 2009 interview. “Until the government abides by the Constitution, our liberty will be at the mercy of politicians and government officials who have proven themselves unable or unwilling to restrain themselves.” The foundation changed its name to The Dunn Foundation in 2016.

Dunn was a supporter of numerous other libertarian organizations, including Cato Institute, Competitive Enterprise Institute, Institute for Humane Studies, Liberty magazine, Institute for Justice, Law Enforcement Against Prohibition, and the Property and Environment Research Center. In 2009, he and his wife, Rebecca, established the Rebecca and William Dunn Chair at Chapman University in honor of the continuing work of Nobel Prize laureate Vernon L. Smith.

Dunn is survived by his wife Rebecca Walter Dunn, who serves as a trustee of Reason Foundation; daughters Liz Dunn, Chris Dunn Valencia, and Virginia Dunn Kerr; and thousands of friends, clients, and admirers who have been inspired by his commitment to libertarian principles and free market policies.

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