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About 2018-02-10T10:11:56+00:00

We are…

  • SEC-Registered Investment Advisor

  • NFA-Registered CTA and CPO

  • Employee-Owned

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

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Our Story

Our Team

Management and Operations Team

Wesley Gray, PhD

CEO

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

CIO/CFO

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

COO/CCO

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

CTO

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.

Ryan Kirlin

Head of Capital Markets

Ryan is the Head of Capital Markets for Alpha Architect. He works to assist financial advisors and institutional clients in building ETF portfolios and finding investment portfolio solutions for their clients.

Ryan began his career at the New York Stock Exchange. As part of the Exchange Traded Fund Group, Ryan worked with ETF issuers to launch over 650 exchange traded funds, which makes up about 25% of the existing ETF market. He also assisted in building indexes for ETFs, participated on weekly calls with the SEC trying to get approval for innovative ETFs that fell outside the standard rules, and guided new ETF issuers through the process of taking an ETF to market.

He then transitioned to RevenueShares to be their Head of Capital Markets, which during his time grew from $450 million to $1.1 billion in assets under management and was eventually sold to the mutual fund company, Oppenheimer Funds.

Ryan graduated with B.A. in economics from Fordham University.

Doug Pugliese

Director

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.

Kyle Baxter

Director

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.

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

Director

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.

Educational Content Regular Contributors

Elisabetta Basilico, PhD, CFA®

Aaron Brask, PhD

Tommi Johnsen, PhD

Andrew Miller, CFA®, CFP®

Larry Swedroe

Thought Leadership

Podcast: Managed Futures and Trend-Following with Dr. Kaminski (Wes)

February 22nd, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy chat with Katy Kaminski, Visiting Lecturer in Finance at [...]

Explaining the Value Effect in Emerging Markets

February 21st, 2018|0 Comments

Explaining the Value Effect in Emerging Markets: Tangible vs Intangible Information Douglas W. Blackburn and Nusret Cakici A version of this paper can [...]

How to Evaluate Multi-Asset Strategies

February 20th, 2018|0 Comments

Evaluating Multi-Asset Strategies K. Stuart Peskin Journal of Portfolio Management, special issue A version of this paper can be found here Want to read our [...]

Pat Cleary, our CCO, will be at the TradersEXPO in NYC on February 25th

February 14th, 2018|0 Comments

Pat Cleary, our CCO/COO and former Marine Captain, will be giving a keynote on his experience in the military and the applications in [...]

Short Sellers Profitably Trade Prior to Credit Rating Agency Announcements

February 12th, 2018|0 Comments

Are Short Sellers Informed? Evidence from Credit Rating Agency Announcements Jian Shi, Junbo Wang, Ting Zhang Journal of Financial Research A version of [...]

Book Review: Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts

February 9th, 2018|0 Comments

Behavioral psychology is going mainstream in American culture, from Michael Lewis’s “Moneyball,” to recent Nobel prizes won by behavioral economics giants Daniel Kahneman [...]

Time Series Momentum (aka Trend-Following): A Good Time for a Refresh

February 8th, 2018|2 Comments

Similar to some better-known factors like size and value, time-series momentum is a factor which has historically demonstrated above-average excess returns. Time-series momentum, [...]

DIY Asset Allocation Weights: February 2018

February 6th, 2018|0 Comments

Do-It-Yourself tactical asset allocation weights for the Robust Asset Allocation Index are posted here.[ref] Create a free account here if you want to access the site [...]

The End of 60/40? The Case for Diversified Value, Momentum, and Carry Risk Exposures

February 6th, 2018|0 Comments

Hobbled by Benchmarks Mike Aked, Rob Arnott, Omid Shakernia, Jonathan Treussard Journal of Portfolio Management A version of this paper can be found here [...]

Podcast: Behavioral Finance and the Future of the Asset Management Business (Wes)

February 6th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy chat with University of Chicago Professor, Sam Hartzmark, and [...]

Alpha Architect in Scottsdale AZ Talking ESOP Strategy — Give us a Shout!

February 6th, 2018|0 Comments

Doug Pugliese, the Alpha Architect resident expert on all things ESOP, will be presenting, "Investing the 1042 Rollover," at the NCEO conference Wed and [...]

Most Incredible Quant Finding in Twenty Years!

February 5th, 2018|0 Comments

Photo by Mathew Schwartz on Unsplash Fly Eagles Fly.      

Value and Momentum Factors in Fixed Income

February 2nd, 2018|2 Comments

Smart beta (or factor investing) seems to be the product du jour in ETFs.  There are so many different factor products available that [...]

An Inside Look at How ETF Firms are Competing. Hint: Price Isn’t Everything

January 31st, 2018|0 Comments

Morgan Housel had a post on the idea of conflicting skill sets. Morgan makes the following comment: F. Scott Fitzgerald said intelligence is [...]

Podcast: Fintech and the Investor Education Frontier (Wes)

January 30th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy sit down with Kendrick Wakeman (CEO of FinMason) and [...]

Monetary Policy Rate Uncertainty Predicts Higher Equity Volatility

January 29th, 2018|0 Comments

Volatility in equity markets and monetary policy rate uncertainty Iryna Kaminska and Matt Roberts-Sklar Journal of Empirical Finance A version of this paper [...]

Podcast: Managed Futures and Trend-Following with Dr. Kaminski (Wes)

February 22nd, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy chat with Katy Kaminski, Visiting Lecturer in Finance at [...]

Podcast: Behavioral Finance and the Future of the Asset Management Business (Wes)

February 6th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy chat with University of Chicago Professor, Sam Hartzmark, and [...]

Podcast: Fintech and the Investor Education Frontier (Wes)

January 30th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Jeremy sit down with Kendrick Wakeman (CEO of FinMason) and [...]

Podcast: The Future of the Advisory Business with Matt Topley and Don Riley (Wes)

January 24th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets Wes and Ryan discuss Matt and Don's investment positioning going into 2018. [...]

Five Investing Podcasts You Should Listen To

January 11th, 2018|2 Comments

This article was published at the WSJ, but it is now behind a paywall. Below is my original list, for those who want [...]

Podcast: The Future of ETFs and ETF Market Making (Wes and Ryan)

December 18th, 2017|0 Comments

Here is a link to our podcast on Behind the Markets. Ryan Kirlin and Wes speak with Reggie Browne, Senior Managing Director of the [...]

Podcast: Founding Alpha Architect (Wes)

December 13th, 2017|0 Comments

Here is a link to our recent podcast on Behind the Uniform. I'm so humbled and honored to have Wesley Gray on the show [...]

Podcast: Alternative Manager Due Diligence (Wes)

November 22nd, 2017|0 Comments

Here is a link to our podcast on Behind the Markets. Wes and Jeremy speak with Andy Weisman of Windham Capital Management and Rich [...]

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 with Nick Roussanov (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|1 Comment

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 [...]