Alpha Architect White Papers
Factor Investing and Trading Costs
Factor investing, and the associated intellectual battles, have raged for decades ...
Academic Factor Exposure Versus Fund Factor Exposure
Tomorrow I'll be sitting with Pat O'Shaughnessy and Ben Johnson ...
An Introduction to Investing and How to Use Our Site
What We Do? We are a research-intensive asset management firm ...
Our Value Proposition: Affordable Alpha
Our mission is to empower investors through education. This mission ...
Behavioral Finance and Investing: Are you Trying Too Hard?
Executive Summary1 2: Everyone makes mistakes. It’s part of what ...
The Sustainable Active Investing Framework: Simple, But Not Easy
The worst thing I can be is the same as ...
Factor Investing is More Art, and Less Science
Albert Einstein is reported to have said the following: The ...
The Quantitative Value Investing Philosophy
Benjamin Graham, who first established the idea of purchasing stocks ...
Value Investing: Never Buy Expensive Stocks. Period.
We did a recent internal simulation study on the performance ...
The Quantitative Momentum Investing Philosophy
Eugene Fama, the 2014 co-recipient of the Nobel Prize in ...
Momentum Investing: Ride Winners and Cut Losers. Period.
Two weeks ago, we posted a simulation study on the performance of cheap ...
“Alternative” Facts about Formulaic Value Investing
A new paper, "Facts about Formulaic Value Investing," is making ...
The Robust Asset Allocation (RAA) Index
Robust: capable of performing without failure under a wide range ...
Avoiding the Big Drawdown with Trend-Following Investment Strategies
Market timing is akin to chasing the Investing Unicorn: Give ...
The World’s Longest Trend-Following Backtest
Were in the middle of an academic research project and ...
A Simulation Study on Simple Moving Average Rules
The mention of technical analysis in the halls of academia can ...
Not so Simple: Valuations and Low Volatility Strategies
Low volatility funds are everywhere. The reasons for their proliferation ...
The Fascinating Relationship Between Low Volatility and Value
A week ago, we posted an article that presented simulation performances of ...
Low-Volatility Investing: Avoid High Beta Stocks. Period.
We've posted simulation and research-based studies on value and momentum ...
Tactical Asset Allocation: Beware of Geeks Bearing Formulas
How Should I Tactically Allocate my Assets? A lot of ...
How to Build Expected Return Forecasting Models
Investors are enamored with various investment houses and personalities who ...
Can Market Valuations Be Effective Market-Timing Signals?
We know that valuation metrics such as the CAPE, or ...
Tactical Asset Allocation During Cheap Markets
In our last post, we looked at tactical allocation using ...
Creating an Alternative Investment Strategy with Value and Momentum
Anyone who follows our website should be familiar with the extensive ...
How to Combine Value and Momentum Investing Strategies
How to Combine Value and Momentum Investing Strategies Part 1/2 ...
Why We Built An Active Robo-Advisor and Why You Should Too.
Assuming you haven't been living under a rock, you've almost ...
1042 Qualified Replacement Property: An Overview of ESOP Rollover Strategies
Executive Summary Employee Stock Ownership Plans (“ESOP”) offer a variety ...
How to Create a Tax-Efficient Hedge Fund
Bad News: The market currently offers hedge fund equity exposures that ...
Does the size effect exist? Probably.
The traditional small-minus-big value-adjusted long/short factor (SMB) developed by Gene ...
Commodity Futures Investing: Complex and Unique
Commodity futures investing is arguably the most misunderstood asset class in ...
Rise of the Machines: Predicting Winners and Losers on the Robo-Advisor Battlefield
The recent BlackRock purchase of FutureAdvisor pushed robo advisors to the front page ...
Understanding How ETFs Trade in the Secondary Market
Our mission is to empower investors through education. So train ...
How to Use Active Funds in a Diversified Portfolio
Active management has been out of favor for a while--high ...
Distribution Economics: Understanding Wall Street’s Conflict of Interest Problem
"Competition is a sin." --Attributed to John D. Rockefeller Bottom ...
How many stocks should you own? The costs and benefits of Diversification
"How many stocks should I own in my portfolio?" This ...
Even God Would Get Fired as an Active Investor
Empirical asset pricing research can sometimes get monotonous because you ...
Mission Impossible: Beating the Market Forever
Mission Impossible: Beating the Market Forever The remarkable fact is ...
From the Frontlines to Finance: How the Marines Shaped Our Investment Philosophy
Serving in the Marine Corps was an unforgettable experience. Civilians ...
A Framework for Investment Manager Selection: Stick to the FACTS
Executive Summary: Used car salesmen types are everywhere, especially in ...
Performance figures contained herein are hypothetical, unaudited and prepared by Alpha Architect, LLC; hypothetical results are intended for illustrative purposes only. Past performance is not indicative of future results, which may vary. There is a risk of substantial loss associated with trading stocks, commodities, futures, options and other financial instruments. Please click Full Disclaimer for additional disclosures.