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.

Frequent Trading + Optimistic Analyst Recommendations = Significant Misvaluations!

By | 2017-08-18T17:04:47+00:00 January 20th, 2015|Research Insights, Behavioral Finance|

Stock Duration, Analysts Recommendations, and Misvaluation Cremers, Pareek and Sautner A version of the paper can be found here. A blog on an older version of paper can be found here. Want a summary of academic [...]

The One Factor To Save Them All–Leverage

By | 2017-08-18T16:55:24+00:00 January 12th, 2015|Research Insights|

Financial Intermediaries and the Cross-Section of Asset Returns Adrian, Etula and Muir A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research Recap Category. Abstract: [...]

An Introduction to Investing and How to Use Our Site

By | 2017-08-18T17:10:35+00:00 January 3rd, 2015|Research Insights, Key Research, Investor Education, Introduction Course, Business Updates|

What We Do? We are a research-intensive asset management firm with a focus on high-conviction value and momentum factor exposures.[ref]More broadly, we seek to deliver Affordable Alpha.[/ref] The complete list of our systematic investment strategies are described here. [...]

The Hated. The Feared. The Amazing. The US Treasury Bond.

By | 2017-08-18T16:55:33+00:00 January 2nd, 2015|Tactical Asset Allocation Research, Macroeconomics Research|

As "everyone" seems to know, the US 10-year Treasury bond has a low relative yield and is "inevitably going to rise at some point in the future." We have no strong feelings one way or [...]

Odd Finding: Pro Investors sell undervalued stocks

By | 2017-08-18T16:59:45+00:00 December 29th, 2014|Research Insights|

Institutional Investors and Stock Return Anomalies Edelen, Ince and Kadlec A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research Recap Category. Abstract: We examine [...]

Mutual Fund Replication–Death of Closet Indexers?

By | 2017-08-18T17:00:00+00:00 December 23rd, 2014|Uncategorized|

Want to identify how to replicate an expensive, tax-inefficient mutual fund with ETFs? Interactive Brokers has a pretty cool tool that does exactly that! Check out their "Mutual Fund Replicator." In the example below, the [...]

How to Calculate Volatility in Excel

By | 2017-08-18T17:03:26+00:00 December 19th, 2014|Investor Education, Introduction Course, Low Volatility Investing|

Wild-swinging oil prices have caused some chaos, or "volatility," in the financial markets recently. We've also heard a lot in the financial media regarding the strong performance of "low volatility" funds. But what exactly is [...]

Hard to Fire Yourself; Easy to Fire Your Manager

By | 2017-08-18T17:03:59+00:00 December 18th, 2014|Research Insights, Behavioral Finance|

Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect Chang, Solomon, Westerfield A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research [...]

Value Investing: Digging Manager Graveyards Since 1963.

By | 2017-08-18T16:53:46+00:00 December 12th, 2014|Research Insights, Value Investing Research|

Following value strategies can be hazardous to one's wealth in the short run. Oil stocks are a great example of the challenge value investors face: The stocks are down big--and getting cheaper--but could go down even further! [...]