About 2017-11-16T10:44:34+00:00

We are…

  • SEC-Registered Investment Advisor

  • NFA-Registered CTA and CPO

  • Employee-Owned

  • $700mm+ Firm AUM (As of 10/31/2017)

Click images to enlarge.

Our Story

Our Team

Management and Operations Team

Wesley Gray, PhD


After serving as a Captain in the United States Marine Corps, Dr. Gray earned a Ph.D., and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management that delivers affordable active exposures for tax-sensitive investors. Dr. Gray has published four books and a number of academic articles. Wes is a regular contributor to multiple industry outlets, to include the following: Wall Street Journal, Forbes, ETF.com, and the CFA Institute. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.

Jack Vogel, PhD


Dr. Vogel conducts research in empirical asset pricing and behavioral finance. Dr. Vogel is a co-author of DIY FINANCIAL ADVISOR: A Simple Solution to Build and Protect Your Wealth and QUANTITATIVE MOMENTUM: A Practitioner’s Guide to Building a Momentum-Based Stock Selection System. His academic background includes experience as an instructor and research assistant at Drexel University in both the Finance and Mathematics departments, as well as a Finance instructor at Villanova University He has a Ph.D. in Finance and an MS in Mathematics from Drexel University. Dr. Vogel graduated summa cum laude with a BS in Mathematics and Education from The University of Scranton.

Patrick Cleary


Mr. Cleary is currently the Chief Operations Officer / Chief Compliance Officer of Alpha Architect, where he oversees firm operations, compliance, and cybersecurity. Previously, Mr. Cleary served as Director of Strategy and Corporate Development for Algeco Scotsman, a multinational leasing and manufacturing company. Before Algeco Scotsman, he was a Project Leader for the Boston Consulting Group. In that capacity, he advised clients across a variety of industries in the US, Europe, and Africa. Mr. Cleary also served as a Captain in the United States Marine Corps. He holds an M.B.A. from Harvard Business School and a B.S. in Economics from The Wharton School of the University of Pennsylvania.

Tao Wang, CFA®

Portfolio Manager

Mr. Wang is currently a Managing Member of Alpha Architect, where he heads the trading department and assists in quantitative research. His research focus is aon tactical asset allocation, long/short commodity strategies, and volatility index arbitrage. Mr. Wang has an MS in Finance from Drexel University and graduated with a BA in Economic Journalism and BL in International Business Law from Shanghai University of Finance & Economics. Tao is a contributor to multiple financial media outlets, to include wallstreetcn.com and xueqiu.com.

Brandon Koepke


Mr. Koepke currently leads the technology department and assists with quantitative research. He has fifteen years of experience working with technology ranging from small businesses to large corporations including Disney and Amazon. Mr. Koepke has a BSc in Computer Science specializing in Software Engineering at the University of Calgary and a BComm in Finance from the Haskayne School of Business.

Dave Babulak

Strategic Advisor

Dave Babulak is a Palo Alto-based independent investor and advisor to innovative financial firms including Robinhood, a zero commission, mobile-based brokerage firm and Alpha Architect, an asset manager, RIA and ETF issuer. Previously, Mr. Babulak spent ten years at Getco, LLC, (now KCG) where he was a Member of the Board and held a variety of roles including Chief Strategy Officer, Global Head of Fixed Income and Co-Head of Chicago Trading. Prior experience includes co-founding Blink Trading, an electronic trading firm later purchased by Getco, work as a quant at Hull Trading (now part of Goldman Sachs) and time as an assistant trader on the floor of the Chicago Board Options Exchange. Mr. Babulak served as an Engineer Officer in the United States Army and holds engineering degrees from the University of Michigan and Stanford University. Outside of work Mr. Babulak competes in powerlifting and serves on the board of Second Harvest Food Bank.

Kyle Baxter


Mr. Baxter is currently a Director of Portfolio Services at Alpha Architect, where he assists with operations, compliance, and accounting. He graduated with an MS in Finance from Zicklin School of Business at Baruch College in NYC and a BS in Chemistry from the University of Maryland. Mr. Baxter passed the CFA Level III exam in 2017. He previously served as Assistant Director of Operations for Baxter Properties, a family real estate business, managing several commercial and residential buildings.

Doug Pugliese


Mr. Pugliese is a Director of Portfolio Services at Alpha Architect, where he heads up the firm’s 1042 ESOP solutions practice. In this role, Doug is responsible for assisting clients to implement tax efficient strategies for monetizing their business holdings to create diversified, investible wealth. Previously, he was Director, Wealth Transition Strategies, at SEI Private Wealth Management, a multifamily office, where he focused on advising business owners. Prior to joining SEI, Mr. Pugliese was employed by Marshall & Stevens, Inc., a financial consultancy, where he was an Executive Managing Director and Principal, managing activities in the Northeast region, including the firm’s New York and Philadelphia offices. Previously, Mr. Pugliese was a Managing Director in the Investment Banking Division at Bear, Stearns & Co. Inc. During his twelve years’ tenure there he developed and executed strategic merger & acquisition and financing transactions worth more than $12 billion and was based in the Firm’s New York and London offices. Prior to that, Mr. Pugliese served as an officer and pilot in the United States Navy. Mr. Pugliese received his B.A. in Economics and Spanish Literature (with honors) from the University of Pennsylvania and his MBA from the Stern School of Business at New York University, where he was a Dean’s Scholar and a Stern Scholar.

Michael Pagano, PhD

ETF Trustee

Dr. Pagano is The Robert J. and Mary Ellen Darretta Endowed Chair in Finance at Villanova University where he has received awards for both teaching excellence and academic scholarship. Prof. Pagano is also involved with various professional organizations such as FINRA’s Market Regulation Committee and Citadel FCU’s board of directors. He holds the Chartered Financial Analyst (CFA®) designation and has experience both in commercial lending activities at Citibank and in investment valuation analysis at a financial consulting firm, International Capital Markets Corp., as well as Reuters PLC. Professor Pagano has also been interviewed by various media sources such as the Wall Street Journal, New York Times, Financial Times, Associated Press, CNBC, Bloomberg.

Daniel Dorn, PhD

ETF Trustee

My research interests are investments and behavioral finance. My research output has been recognized by awards such as the European Central Bank’s Lamfalussy Fellowship, published in leading academic journals such as the Journal of Finance and Management Science, and discussed in media outlets such as the New York Times and the Wall Street Journal. I have developed new courses in behavioral finance and portfolio management and taught at the undergraduate, graduate, doctoral, and executive levels both in the U.S. and in Europe. Since 2007, I have served as a faculty advisor to the Dragon Fund, Drexel University’s student-managed investment fund.

Larry Dunn, PhD


Dr. Larry Dunn serves as a part-time Director of Strategy Education for Alpha Architect. He also currently holds the position of Assistant Director of Industry & Innovation Programs for the National Science Foundation-funded NASCENT Nanosystems Engineering Research Center at the University of Texas at Austin. Prior to joining NASCENT, Larry served as Senior Scientist, Technical Product Manager, and Director of Marketing at Atonometrics, Inc., a leading manufacturer of test and measurement equipment for the photovoltaic industry. Larry earned his Ph.D. in physics from the University of Texas at Austin in 2008, for which he was awarded the Ben Streetman Prize for outstanding research in electronic and photonic materials and devices, his M.A. in physics from the University of Texas at Austin in 2004, and his B.A. in physics cum laude from Hendrix College in 2002. Larry has co-authored 15 peer reviewed and popular scientific articles and is a co-inventor on 3 issued patents and 5 pending patent applications. Larry is an enthusiastic value investor, has successfully completed the series 65 exam, and is a registered Investment Adviser Representative in the state of Texas.

Adam Tkaczuk


Mr. Tkaczuk serves as a Director of Portfolio Services at Alpha Architect, Adam assists family offices, Fortune 100 firms, and middle market companies reduce their tax exposure across their investments and business operations. Prior to joining Alpha Architect, Adam was the Northeast Practice Leader for Duff & Phelps’ Business Incentives Advisory practice in Manhattan. He earned his MBA from Rensselaer Polytechnic Institute, has a BS in physics from the University of Massachusetts and studied portfolio theory at the National University of Singapore.

Educational Content Regular Contributors

Elisabetta Basilico, PhD, CFA®

Aaron Brask, PhD

Tommi Johnsen, PhD

Andrew Miller, CFA®, CFP®

Larry Swedroe

Thought Leadership

Academic Research Insight: Political Connections May Actually Increase SEC oversight

November 20th, 2017|0 Comments

Do political connections help or hinder SEC oversight? Jonas Heese, Mozaffar Khan, Karthik Ramanna Journal of Accounting and Economics A version of this paper [...]

Richard Thaler: Misbehaving His Way to a Nobel Prize!

November 17th, 2017|Comments Off on Richard Thaler: Misbehaving His Way to a Nobel Prize!

Unless you live under a rock, you've probably heard that Professor Richard Thaler earned the recent Nobel Prize. (The University of Chicago is on [...]

Monetary Momentum

November 16th, 2017|0 Comments

On most mainstream finance websites, a good chunk of the stories discuss the FED and where interest rates are going. Intuitively, this makes [...]

Can asset bubbles be mathematically quantified before they burst?

November 14th, 2017|4 Comments

The subject of asset bubbles and market crashes has fascinated me for more than 20 years. As an options market maker for Susquehanna [...]

Academic Research Insight: How to Balance Short and Long term Goals in Asset Allocation

November 13th, 2017|0 Comments

Strategic Asset Allocation-Combining Science and Judgment to Balance Short Term and Long Term Goals Peng Wang and Jon Spinney A version of this [...]

Factor Investors Beware: Positive SMB May Not Mean You Own Small-Caps

November 10th, 2017|Comments Off on Factor Investors Beware: Positive SMB May Not Mean You Own Small-Caps

Regression analysis is used all the time to assess how a portfolio "loads" on certain factors. The most common factor loadings examined are [...]

Welcoming Ryan Kirlin, an ETF Expert, to the Alpha Architect Team

November 9th, 2017|3 Comments

We wanted to formally welcome the newest addition to the Alpha Architect team, Ryan Kirlin, who joins us as Head of Capital Markets.   [...]

Do Trend-following Managed Futures Increase Safe Withdrawal Rates?

November 8th, 2017|2 Comments

Andrew Miller, a regulator contributor to the blog, is passionate about the intersection of academic finance research and financial planning. We obviously love [...]

How to Build an Investment Advisor Cybersecurity Program

November 7th, 2017|0 Comments

As a proud alumnus of the Marine Corps (OMB Breach), filer of SEC materials (SEC breach), and card-carrying member of credit card carrying [...]

Academic Research Insight: Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns

November 6th, 2017|0 Comments

Are we misidentifying seasonal patterns as genuine earnings news? Tom Y. Change, Samuel M. Hartzmark, David H. Solomon, Eugene F. Soltes The Review [...]

What Will We Talk About at the Evidence-Based Investing Conference This Year?

November 1st, 2017|0 Comments

Jack and I will be attending the Evidence-Based Investing Conference tomorrow in NYC. We're excited to participate and be part of the crowd. [...]

Do Portfolio Factors or Characteristics Drive Expected Returns?

October 31st, 2017|Comments Off on Do Portfolio Factors or Characteristics Drive Expected Returns?

This article examines a somewhat over-looked, but important, discussion that raged among academic researchers in the late 1990's and early 2000's. The topic: [...]

Academic Research Insight: Sin Stocks May Earn a “Boycott” Risk Premium

October 30th, 2017|0 Comments

Social Screens and Systematic Boycott Risk H. Arthur Luo and Ronald J. Balvers Journal of Financial and Quantitative Analysis A version of this [...]

Want to Learn More About Factor Investing? Read This.

October 26th, 2017|1 Comment

Replicating Anomalies is arguably a "must read" for anyone who thinks about factor investing and is looking to improve their understanding of the [...]

Takeaways from a Non-PHD who Powered Through a 144-page Factor Investing Paper

October 25th, 2017|0 Comments

Wes recently challenged me with a unique proposition: Hey Ryan, read through this Replicating Anomalies paper and tell me what you think. Its [...]

Avoid Getting “Ameritraded:” Best Execution For Advisors with Small Clients

October 24th, 2017|0 Comments

Have you been Ameritraded? Millions of years' worth of evolution have sharpened our brains to survive in the scam jungle of [...]

Podcast: Factor Replication with Lu Zhang (Wes)

October 16th, 2017|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy speak with Lu Zhang, The John W. Galbreath Chair, Professor of [...]

Hiking Mountains, Gladly, To Honor The Fallen

October 3rd, 2017|0 Comments

Landon Thomas Jr. recently wrote an article in the New York Times regarding our participation in the recent March for the Fallen Event. Landon's [...]

Podcast: Foreign Exchange Research (Wes)

August 28th, 2017|0 Comments

Here is a link to our podcast on Behind the Markets We discuss research on FX. You can listen to the podcast via [...]

Podcast: Compound Your Face off (Wes)

August 28th, 2017|0 Comments

Here is a link to our podcast on Invest Like the Best. My guest this week is a version of me—a funnier, cooler [...]

Podcast: Factor Timing is Next to Near Impossible (Jack)

July 28th, 2017|0 Comments

Here is a link to our podcast on the Meb Faber Podcast. In Episode 61, we welcome Jack Vogel, CFO/CIO of Alpha Architect, [...]

In the News: The People’s Quant (WSJ)

June 28th, 2017|0 Comments

Here is a link to a recent article in the WSJ Wesley Gray’s Alpha Architect is an upstart active investment manager that tripled [...]

Podcast: Value Investing with Charlie Tian (Wes)

June 28th, 2017|0 Comments

Here is a link to our podcast on Behind the Markets We discuss value investing alongside Charlie Tian. You can listen to the [...]

In the News: Battlefields of War and Financial Markets (Huffington Post)

June 17th, 2017|0 Comments

Here is a link to a recent article in the Huffington Post Before launching his asset management firm Alpha Architect, Dr. Wesley Gray [...]

Podcast: Momentum Investing Part 2/2 (Wes)

February 28th, 2017|0 Comments

Here is a link to our podcast on The Investors Podcast In this episode, Preston and Stig continue their conversation with Dr. Wesley [...]

Podcast: Momentum Investing Part 1/2 (Wes)

January 28th, 2017|0 Comments

Here is a link to our podcast on The Investors Podcast Although Preston and Stig are hardcore value investors, sometimes it’s important for [...]

Podcast: Investing in ETFs (Wes)

January 28th, 2017|0 Comments

Here is a link to our podcast on The Investors Podcast This article provides an overview of Preston and Stig’s interview with Wesley [...]

Podcast: Interview with Michael Covel on Trend Following (Wes)

January 28th, 2017|0 Comments

Here is a link to our podcast on the Michael Covel Trend Following Podcast Michael and Wesley Gray cover wide territory today across [...]

Podcast: Quantitative Value Investing (Wes)

January 10th, 2017|0 Comments

Here is a link to our podcast on The Investors Podcast This article provides an overview of Preston and Stig’s interview with Wesley [...]

Podcast: Even God Would Get Fired as an Active Investor (Wes)

September 28th, 2016|0 Comments

Here is a link to our podcast on the Meb Faber Podcast What if you had perfect foresight and knew ahead of time [...]

Podcast: Masters in Business with Barry Ritholtz (Wes)

June 28th, 2016|0 Comments

Here is a link to our podcast on Bloomberg's Masters in Business Bloomberg View columnist Barry Ritholtz interviews Dr. Wesley Gray, CEO and [...]

In the News: ETF Roundtable (Barron’s)

March 28th, 2016|0 Comments

Here is a link to a recent article in Barron's Four experts tell Barron’s what investors really need to know before buying “smart [...]