Cyber Monday: Alpha Architect Book Sale
Are you looking to empower an investor through education this holiday season? Now's your chance! All three of our books are on sale for $9.99 through [...]
About Wesley Gray, PhD
After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife’s hometown of Philadelphia 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 firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016). Dr. Gray currently resides in Palmas Del Mar Puerto Rico with his wife and three children. He recently finished the Leadville 100 ultramarathon race and promises to make better life decisions in the future.Great Minds Agree to Disagree on the Source of the Value Investing Premium
Active investing sounds so easy. But we all know it is extremely difficult. Ask any deep value investor how they have felt over the past [...]
An Evidence-Based Low Volatility Investing Discussion
Jack and I had the honor of attending the Evidence-Based Investing conference, hosted by the team at Ritholz Wealth Management. Wow. What a great event and [...]
Long-Short Investing Might Shorten Your Investment Lifespan
Over the past several decades, academics have identified numerous variables that seem to predict future expected returns. This has led to a proliferation of so-called [...]
Calling All Veterans Interested in Finance: How Can we Help?
Today is the 241st birthday of the Marines, which is celebrated by all Marines around the world. Tomorrow is Veteran's Day. A great time of [...]
Earth to Passive Investors: Lunch is Never Free.
Imagine the following scenario: A strategy that outperforms everything. An ability to scale the strategy at no costs. A beating drum highlighting the infallible logic [...]
DIY Asset Allocation Weights: November 2016
Do-It-Yourself tactical asset allocation weights are posted. Create a free account here if you want to access the site directly. Sign in here if you already have a [...]
The Rebalance Bonus for Value and Momentum Porfolios
A sophisticated DFA-focused advisor asked us to conduct some research on the following question: Are there additional portfolio diversification benefits to combining concentrated portfolios of value and [...]
How to Turn an Engineer into a Quantitative Investor
We receive multiple requests from readers looking to break into the finance industry. Quite often the reader is currently working in a traditional engineering job [...]
Evidence-Based Nutrition
Evidence matters. Consider the history of evidence about the universe. In the days of Ptolemy in 100 AD, a "geocentric" model described the universe, in [...]
Quantitative Momentum: A Guide to Momentum-Based Stock Selection
The long wait is over. Our newest book--Quantitative Momentum--is finally here. After 2 years of research review, results replication, reverse engineering, internal idea generation, writing, editing, [...]
DIY Asset Allocation Weights: October 2016
Do-It-Yourself tactical asset allocation weights are posted. Create a free account here if you want to access the site directly. Sign in here if you already have a [...]
Active, Irregular Day in the Stock Market–What Else is New?
A news article from September 29, 2016 -- 100 years ago, today. The lead article of the Evening Star highlights that there was an "active, irregular day [...]
Podcast: Even God Would Get Fired as an Active Investor (Wes)
Here is a link to our podcast on the Meb Faber Podcast What if you had perfect foresight and knew ahead of time which stocks [...]
Predicting Booms and Busts in Low Volatility Strategies
Low volatility funds are some of the best performers in the market these days. As such, they have attracted renewed attention in addition to significant [...]
Why a Stock Market Double Would Not be Weird
This morning we got a sad note from a famous former hedge fund manager (a friend of the firm who shall remain nameless): What if the [stock] [...]
Tactical Asset Allocation: A Practitioner’s Defense of Return Predictability
The prospect of being able to successfully anticipate and predict future market returns is irresistible to practitioners and academics alike, although success has proven elusive. Many [...]
From Physics to Finance: Adam Tkaczuk Joins Alpha Architect
We wanted to formally welcome the newest addition to the Alpha Architect team, Adam Tkaczuk, who joins us as Director of Portfolio Services. Adam started [...]
Do Investment Consultants’ Recommendations Add Value? Nope.
Just got done perusing the latest issue of the Journal of Finance . As is the typical case, 50% of the articles can be read if [...]
Value investing is quite possibly the worst idea…EVER
n short, value investing the past few years has been a bad experience, but things can get a lot worse before they can get better. Sadly, this is the lot of the value investor. Value investing is really a tragic story of pain, anguish, and heartbreak that never really has a happy ending. The expected gains are almost always offset with extreme relative performance pain.