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About 2018-04-09T10:25:38+00:00

We are…

  • SEC-Registered Investment Advisor

  • NFA-Registered CTA and CPO

  • Employee-Owned

  • $975mm+ Firm AUM (As of 2/28/2018)

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Our Story

Our Team

Management and Operations Team

Wes Gray, PhD

CEO

Jack Vogel, PhD

CIO/CFO

Pat Cleary

CCO/COO

Tao Wang, CFA®

Senior Portfolio Manager

Dave Babulak

Strategic Advisor

Brandon Koepke

CTO & Portfolio Manager

Ryan Kirlin

Head of Capital Markets

Kyle Baxter

Director, Portfolio Services

Larry Dunn, PhD

Director, Portfolio Services

Doug Pugliese

Head of 1042 ESOP Solutions

ETF Independent Trustees

Mike Pagano, PhD, CFA®

ETF Trustee

Daniel Dorn, PhD

ETF Trustee

Emeka Oguh

ETF Trustee

Educational Content Regular Contributors

Elisabetta Basilico, PhD, CFA®

Aaron Brask, PhD

Andrew Miller, CFA®,CFP®

Larry Swedroe

Tommi Johnsen, PhD

Thought Leadership

Bond Investing: Reach for Safety

April 17th, 2018|0 Comments

Yield. Within almost any asset class, investors want to know, what is the "yield" on the investment? For some investors, this is the [...]

ESG and Factor Investing

April 16th, 2018|0 Comments

Thematic Indexing, Meet Smart Beta! Merging ESG into Factor Portfolios Jennifer Bender, Xiaole Sun, and Taie Wang Journal of Index Investing, 2017 A version of this [...]

Podcast: The Benefits of ESOPs for Business Owners and Investment Advisors (Wes & Doug)

April 16th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets In this episode of Behind the Markets hosts Wes Gray & Doug [...]

What the CFOs Think About the Equity Premium in 2018

April 11th, 2018|3 Comments

Professors John Graham and Campbell Harvey consistently put out great research. One of their innovations in financial research is their annual CFO survey [...]

Systematic Investment Strategies are Hot. But What Happens Next?

April 9th, 2018|0 Comments

Systematic Investment Strategies Daniel Giamouridis (Co-editor of FAJ) Financial Analysts Journal A version of this paper can be found here Want to read our [...]

Tail Risk Hedging: An Alternative Approach to Risk Management

April 5th, 2018|5 Comments

This article proposes tail risk hedging (TRH) as an alternative model for managing risk in investment portfolios. The standard risk management approach involves [...]

Timing Country Exposure with Value: A Valuation Measure Horserace

April 3rd, 2018|3 Comments

Buy cheap. This is a motto many live by, not only in their daily lives but also in their investment philosophy. Historically, "buying [...]

DIY Asset Allocation Weights: April 2018

April 2nd, 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 [...]

How to Perform Investment Sentiment Analysis on Twitter

April 2nd, 2018|0 Comments

Company Event Popularity for Financial Markets using Twitter and Sentiment Analysis Mariana Daniel, Rui Ferreira Neves, Nuno Horta Expert Systems with Applications, 2017 [...]

Podcast: The History of High-Frequency-Trading with Babulak and Sadowski (Wes)

April 2nd, 2018|0 Comments

Here is a link to our podcast on Behind the Markets In this episode of Behind the Markets Podcast hosts Jeremy Schwartz and [...]

Alpha Architect to Launch Long/Short Cryptocurrency ETF

April 1st, 2018|3 Comments

Alpha Architect announced today they'd be releasing a cryptocurrency ETF. Photo by Andre Francois on Unsplash When asked for details around [...]

#Women in Finance Know Stuff: A Conversation with Renee Yao

March 29th, 2018|0 Comments

Today, we are interviewing Renee Yao, Founder and CEO of Neo Ivy Capital. We started our conversation by comparing notes on the very [...]

Risk-Based Explanations for the Momentum Premium

March 27th, 2018|0 Comments

Most of the literature on the momentum factor has focused on behavioral explanations, generally either investor underreaction or overreaction. For example, in his [...]

Investing in IPOs? Look at IPOs from Firms with More SEC Comment Letters

March 26th, 2018|0 Comments

The oversight role of regulators: evidence from SEC comment letters in the IPO process Bing Li and Zhenbin Liu Review of Accounting Studies [...]

Democratize Quant 2018 Recap and Educational Materials

March 25th, 2018|0 Comments

This past week we had the honor of hosting the first annual "Democratize Quant Conference" with our friends at Villanova University (a link [...]

Momentum Everywhere, Including in Factors

March 22nd, 2018|0 Comments

Momentum is the tendency for assets that have performed well (poorly) in the recent past to continue to perform well (poorly) in the [...]

Podcast: The Benefits of ESOPs for Business Owners and Investment Advisors (Wes & Doug)

April 16th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets In this episode of Behind the Markets hosts Wes Gray & Doug [...]

Podcast: The History of High-Frequency-Trading with Babulak and Sadowski (Wes)

April 2nd, 2018|0 Comments

Here is a link to our podcast on Behind the Markets In this episode of Behind the Markets Podcast hosts Jeremy Schwartz and [...]

Podcast: Eric Balchunas’s Adventures in ETF Land (Wes)

March 20th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets ETF guru Eric Balchunas discusses his adventures in the ETF industry and [...]

Podcast: Thinking in Bets with Annie Duke (Wes)

March 6th, 2018|0 Comments

Here is a link to our podcast on Behind the Markets In this edition of the Behind the Markets Podcast hosts Jeremy Schwartz [...]

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 [...]