Wesley Gray: Perspectives on Market Efficiency, Investor Behavior, and ETFs

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 29 November 2022

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

The author and founder of Alpha Architect on the case for trend-following, when buy-and-hold makes sense, value investing’s slump and rebound, and more.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.8	Hi, and welcome to the Longview. I'm Jeff Patak, chief ratings officer for Morningstar Research Services.
0:39.2	And I'm Christine Ben's director of personal finance and retirement planning at Morningstar.
0:43.5	Our guest this week is Wes Gray. Wes is the CEO, chief investment officer and founder of Alpha Architect,
0:51.5	a registered investment advisor that offers ETFs and works with other RAs to
0:56.5	launch their own ETFs. An accomplished researcher and writer, Wes has authored numerous books on
1:02.2	investing in financial topics, including quantitative value and quantitative momentum.
1:08.0	Before founding Alpha Architect, Wes worked in academia and consulted for a family office.
1:14.2	Wes's path into finance began at the University of Chicago, where he earned his MBA and PhD
1:19.1	and studied under Nobel Prize winner Gene Phama. Prior to that, West served as a captain
1:24.5	in the United States Marine Corps. In addition to his MBA and PhD,
1:29.6	Wes also earned a bachelor's degree in economics from the Wharton School. Wes, welcome to the Longview.
1:36.1	Yeah, thanks for having me. Appreciate it. Oh, it's our pleasure. Thank you so much for joining us.
1:41.3	I wanted to start out with a piece that you wrote. It's ostensibly about active
1:45.8	investing. You wrote it in 2016. It was very popular. It was called Even God would get fired as an active
1:52.5	investor. Can you talk about that study and what you found? Sure. So it was kind of a serendipitous thing why we started this study. The idea was like,
2:05.3	hey, we're going to go basically figure out what is the way where we can look ahead, right?
	...

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