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Wes Gray after serving as a Captain in the United States Marine Corps earned an MBA and a PhD in the finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. He worked as a finance professor at Drexel University. He then found Alpha Architect — a research-intensive asset management firm with a focus on high-conviction value and momentum factor exposures. In this interview, we talk about why it’s so important to have a process, trust it, be patient and to have a long-term investment perspective. Wes explains that no strategy works all the time and that pain is always a part of successful investing.

In this episode

  • Who’s Wes?
  • What’s the mission of Alpha Architect?
  • How the military background drives certain character traits that are useful in the investing world?
  • What does Wes think of the efficient-market hypothesis?
  • Why would even God get fired as an active investor?
  • What is the main difference between Systematic Investing vs Discretionary Investing?
  • Why people are so poor at decision making when it comes to investing?
  • How can we use experts in a better way?
  • Do you think it’s possible to replicate value investing using quantitative approach?
  • What does Wes think about passive investing
  • Is it worth to try an active investing approach?
  • What is factor investing?

People mentioned in this episode

Wes Gray (Bio)

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 the suburbs of Philadelphia with his wife and three children.

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