Wesley R. Gray, Ph.D.

//Wesley R. Gray, Ph.D.

About Wesley R. Gray, Ph.D.

After serving as a Captain in the United States Marine Corps, Dr. Gray earned a PhD, 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.


By | 2017-08-19T11:31:51+00:00 August 19th, 2017|MFTF Training Series, Business Updates|

Team: This post is part four in the training series for those participants in this year's March for the Fallen event. We are about 4 weeks out from the event and Dave Babulak is helping educate March for [...]


By | 2017-08-18T17:01:08+00:00 August 13th, 2017|MFTF Training Series|

Team: This post is part three in the training series for those participants in this year's March for the Fallen event. We are about 5 weeks out from the event and Dave Babulak is helping educate March for [...]

March for the Fallen Weekly Training Series: Workout Plan

By | 2017-08-18T17:01:06+00:00 August 4th, 2017|MFTF Training Series|

Team: This post is part two in the training series for those participants in this year's March for the Fallen event. You are reading this for the following reasons: You're probably insane. You are already signed up [...]

March for the Fallen Weekly Training Series: Training Rules

By | 2017-08-18T17:01:07+00:00 July 28th, 2017|MFTF Training Series|

This post is part one in the training series for those participants in this year's March for the Fallen event. You are on reading this for the following reasons: You're probably insane. You are already signed [...]

Trick Question: How is the Momentum Factor Performing YTD?

By | 2017-08-18T16:54:19+00:00 July 24th, 2017|Research Insights, Momentum Investing Research|

If you ask your typical long-only investor (or financial advisor) how momentum is doing this year they'll likely say, "Amazing!" This statement will almost surely be based on the fact they own (or know about) the [...]

Elisabetta and Tommi Are Helping us Empower Investors Through Education

By | 2017-08-18T17:05:28+00:00 July 20th, 2017|Basilico, Guest Posts, Business Updates|

Our mission is to empower investors through education. This mission is our passion and what drives us to go to work everyday. But we can't fulfill our mission alone. We need help and our two newest teammates, Elisabetta [...]

The Value Momentum Trend Philosophy

By | 2017-08-18T16:55:07+00:00 June 6th, 2017|Factor Investing, Trend Following, Research Insights, Key Research, Value Investing Research, Momentum Investing Research|

If you've been reading our blog for a number of years you're 1) probably a finance geek, and you're 2) probably tired of us discussing the following themes: Value investing: buy cheap stocks (see our [...]

Alpha Architect Index Data/Information

By | 2017-08-18T17:10:41+00:00 May 3rd, 2017|Business Updates|

We have updated the information associated with our indexes and are making the data more easy to access. We have the following index programs: Alpha Architect Quantitative Value Indexes (Domestic and International) Alpha Architect Quantitative Momentum Indexes [...]

Academic Factor Exposure Versus Fund Factor Exposure

By | 2017-08-18T17:11:07+00:00 April 26th, 2017|Factor Investing, Tool Updates|

Tomorrow I'll be sitting with Pat O'Shaughnessy and Ben Johnson to discuss "Straight Talk About Smart Beta." Here is a link to the big Morningstar event. In preparation for our discussion we were spitballing ideas [...]

Current Research on How ETFs Can Affect Financial Markets

By | 2017-08-18T17:07:46+00:00 April 25th, 2017|Uncategorized|

We've heard a lot of questions recently from clients and readers regarding how ETFs might affect financial markets. The short answer is "nobody knows." The long answer is researchers are trying to figure it all [...]

Great Academic Finance Research Papers at WFA 2017

By | 2017-08-18T17:04:31+00:00 April 25th, 2017|Research Insights, ETF Investing|

There are several big academic finance conferences that attract the best research and the best researchers in one bullpen -- the AFA and the WFA meetings. We chatted about the AFA event last January (be [...]

“Alternative” Facts about Formulaic Value Investing

By | 2017-08-18T17:12:00+00:00 April 22nd, 2017|Research Insights, Key Research, Behavioral Finance, Value Investing Research, $vlue, $brk-a|

A new paper, "Facts about Formulaic Value Investing," is making the rounds and professes to plunge a dagger directly into the heart of systematic value investors. Half of my inbox is filled with questions regarding this [...]

Introduction to a Basic “Quant” Match Making Service

By | 2017-08-18T17:02:46+00:00 April 13th, 2017|Business Updates|

We were recently asked by Aaron Brask, one of our guest bloggers, why we don't provide a "job board" on our site. Aaron works for several large family offices and he says it is incredibly difficult [...]

Visual Active Share: A Tool to Help Investors Make Better Decisions

By | 2017-08-18T16:52:56+00:00 April 6th, 2017|Factor Investing, Research Insights, Tool How-To-Guides, Tool Updates, Value Investing Research, Investor Education, Momentum Investing Research|

We've talked extensively about the concepts of active share and active fee, which aren't flawless metrics, but they have elevated the discussion around identifying and understand the closet indexing phenomenon. To be clear, closet indexing [...]

Factor Investing: The Fama French 5-Factor Model on Chinese A-Shares

By | 2017-08-18T17:05:13+00:00 March 31st, 2017|Factor Investing, Research Insights|

Each year I teach my "seminar in investments" course at Drexel, which consists of the Masters in Finance students and a handful of geeky MBA students. The first few weeks of the course involve an [...]

Warning: The US Stock Market is an Anomaly

By | 2017-08-18T16:52:49+00:00 March 21st, 2017|Research Insights, Tactical Asset Allocation Research|

U.S. stocks have delivered incredible stock market returns for a long time: the average compounded total return on the U.S. stock market has been nearly 10 percent per year from 1927 through 2016 (Using data from Ken [...]

Dual Momentum with Stock Selection

By | 2017-08-18T17:05:58+00:00 March 14th, 2017|Trend Following, Research Insights, Momentum Investing Research, Tactical Asset Allocation Research|

Jack did a nice recap on a momentum paper last week that looks at using fundamentals (revenue volatility, low cost of goods, and B/M) to help identify the best price momentum stocks. This paper sounds similar to the paper Jack reviewed, but there is a key difference: the researchers are looking at the momentum of the fundamentals, not the absolute value of the fundamentals. The authors compile a fundamental momentum variable by calculating the moving averages of 7 elements: return on equity return on assets earnings per share accrual-based operating profitability cash-based operating profitability gross profitability net payout ratio