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.

Evidence-Based Investing? Take that Alpha and Shove It.

By | 2017-08-18T17:05:22+00:00 March 3rd, 2017|Factor Investing, Research Insights|

Johnny Paycheck has a great country song centered around the following lyric: Take this job and shove it...I ain't working here no more... Campbell Harvey, in the 2017 AFA Presidential Address, elaborates an analogous comment [...]

DIY Asset Allocation Weights: March 2017

By | 2017-08-18T17:06:34+00:00 March 2nd, 2017|Tool Updates, Investor Education|

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 free account. Strategy Date Domestic Value Domestic Mom Int'l. Value [...]

Active Versus Passive Investing: Can we End the Confusion?

By | 2017-08-18T17:10:52+00:00 February 24th, 2017|Research Insights, Investor Education, Active and Passive Investing|

I've noticed something profound the past few years: depending on your audience, the definition of active investing and passive investing is different. To a financial journalist, active means "human stock-picker," and passive means "computer stock-picker." [...]

Tactical Asset Allocation Insights via the Geeks from Thinknewfound

By | 2017-08-18T16:56:23+00:00 February 16th, 2017|Trend Following, Interviews, Tactical Asset Allocation Research|

How do we identify who is a flash in the pan blogger versus the next Michael Kitces, Josh Brown, or Ben Carlson? We've tried to do our part and help to promote and share research from up and coming "undiscovered" bloggers/writers out there. In our early days, we were helped by long-time bloggers such as Meb Faber and Tadas Viskanta, so we try and return the favor. Recent examples of up and coming guest writers we've highlighted include Dan Sotiroff (now heading to Morningstar!), Aaron Brask, Andrew Miller, Elisabetta Basilico, and Dan Grioli -- all of whom have written interesting and insightful pieces!

How to Explain Momentum with Rational Investors — It’s complicated.

By | 2017-08-18T17:03:23+00:00 February 14th, 2017|Research Insights, Momentum Investing Research, $mtum|

A recent theory paper from researchers at NYU and Rutgers attempts to explain the empirical evidence on stock serial correlation (e.g., short-term reversal, long-term stock reversal, and classic stock momentum). The interesting wrinkle with this paper is the [...]

Active Versus Passive for the US and the Canadian Markets

By | 2017-08-18T17:10:53+00:00 February 7th, 2017|Behavioral Finance, Active and Passive Investing, ETF Investing|

We all hear about the massive move away from active to passive in the US market. We also hear arguments that passive may eat the world and that active management is a zero sum game [...]

Factor Investing is More Art, and Less Science

By | 2017-08-18T17:05:14+00:00 February 3rd, 2017|Factor Investing, Research Insights, Key Research, Value Investing Research, Momentum Investing Research, Size Investing Research|

Albert Einstein is reported to have said the following: The more I learn, the more I realize how much I don’t know. I can relate. Having studied finance for a long time (PhD, professor, books, [...]

DIY Asset Allocation Weights: February 2017

By | 2017-08-18T17:06:37+00:00 February 3rd, 2017|Tool Updates|

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 free account. Strategy Date Domestic Value Domestic Mom Int'l. Value [...]

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Berkin and Swedroe’s Factor Investing Book

By | 2017-08-18T17:09:24+00:00 February 1st, 2017|Factor Investing, Research Insights, Book Reviews|

Well, I was midway through a formal book review on Larry and Andrew's new book, "Your Complete Guide to Factor-Based Investing," when I noticed that the team over at GestaltU already wrote the review I [...]

Treasury Bills Outperform Most Stocks — Say What???

By | 2017-08-18T16:54:25+00:00 January 26th, 2017|Research Insights, $SPY, Active and Passive Investing, Macroeconomics Research|

Each morning we peruse a variety of research sites to see if there is anything exciting, new, and intriguing. Rarely does one find something that triggers a knee-jerk reaction like a recent paper by Hendrik [...]

A Tactical Asset Allocation Researcher You Should Know

By | 2017-08-18T17:11:13+00:00 January 18th, 2017|Research Insights, Tactical Asset Allocation Research|

I'm a huge fan of hard-core academics that produce incredible research, and yet, very few are familiar with their research. I call these folks, "undiscovered gems." One might ask why undiscovered gems exist. On one hand, [...]

Book Review — Loaded: Money, Psychology, and How to Get Ahead…

By | 2017-08-18T17:09:08+00:00 January 16th, 2017|Behavioral Finance, Book Reviews|

A few months ago I had the pleasure of hearing Sarah Newcomb speak at a recent Morningstar ETF conference. She was extraordinary. Although I only caught the last 20 minutes of her talk, she had [...]

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The Momentum Investing Texas Tour with Gary Antonacci and Jack Vogel

By | 2017-08-18T16:55:28+00:00 January 12th, 2017|Business Updates|

Next week we'll be touring the great state of Texas. Me, Gary Antonacci, and Jack Vogel, will be traveling between Houston, Austin, and Dallas. Gary and I will be leading discussions on momentum investing. Gary [...]

The January Effect: An Evidence-Based Perspective

By | 2017-08-18T16:55:31+00:00 January 11th, 2017|Factor Investing, Research Insights, Value Investing Research|

January is here again and market commentators are already telling stories about the so-called January Effect. Some articles (examples here and here) are saying the effect is an illusion, while others are claiming the effect [...]

Using Trend-Following Rules to Enhance Factor Performance

By | 2017-08-18T16:53:57+00:00 January 4th, 2017|Factor Investing, Trend Following, Research Insights, Tactical Asset Allocation Research|

After reviewing the 2016 performance of trend-following (-18.15%), its unclear why anyone would mention the word "trend following" in a public forum. But we'll give it a whirl anyway... The comedian Victor Borge once famously observed, [...]

Are you Ready to Witness Finance Research on Steroids?

By | 2017-08-18T17:10:02+00:00 January 3rd, 2017|Research Insights, Investor Education|

Have you ever dreamed of meeting Ben Bernanke face-to-face? Would you love the chance to bump into Larry Summers in the hallway? Or better yet, have you dreamed of listening to a Nobel Prize winner [...]