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I'm led to be with you

but I still haven't found

what I'm looking for Index funds have dominated capital flows since the great financial crisis.

One of the rare exceptions is the pursuit of alpha via quant funds.

These create very specific return characteristics that aim at somewhat different goals than the big broad indexes.

I'm Barry Rittholtz, and on today's edition of At the Money, we're going to

discuss how to pursue Alpha through exchange traded funds. To help us unpack all of this and what

it means for your portfolio, let's bring in Wes Gray of Alpha Architect. He's a quant who also

specializes in ETFTF constructions.

Wes also runs ETF architect.

So let's start very basically, Wes.

When you talk about Alpha in an ETF wrapper,

what do you actually mean?

Are we talking about excess returns over cap-weighted beta,

or is it something else?

Yes. So let me frame it because alpha is obviously a loaded word and can mean a lot of things to a lot of

people. On one extreme, you got Jim Simons, you know, busts now 50% returns with no risk. But guess what?

You are never going to be offered this ever in your life, period,

because if I could do that, I would just manage my own money and become a billionaire, right?

The alpha for the rest of us, at least in my mind, is it's basically delivering unique

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