Value, Momentum and Launching ETFs with Wes Gray

In this episode, we are joined by Wes Gray, founder of Alpha Architect and ETF Architect. We cover his biggest lessons from growing the businesses from a startup to over $5 billion in assets. We also discuss the rapid growth of ETFs and ETF Architect's mission to help firms launch them. And we get Wes' take on a variety of issues related to factor investing including the struggles of value in the past decade, how to tell when a factor no longer works, the evolution of his strategies over time and the pros and cons of sector neutral value investing.

#valueinvesting #momentuminvesting #factorinvesting #tailrisk #boxspreads #etfs

00:00 - Intro
03:25 - Wes's biggest lesson from growing Alpha Architect and ETF Architect
09:36 - The use cases for launching ETFs
15:11 - Putting the struggles of value investing in context
17:42 - Figuring out when a factor stops working
22:40 - The evolution of Wes' quantitative value strategy
26:39 - Do factors work better in small-cap stocks?
34:24 - Value investing and industry concentration
37:14 - The evolution of Wes' quantitative momentum strategy
42:24 - Rebalancing factor-based portfolios
45:28 - Box spreads and tail risk
56:58 - Managed futures and ETFs
58:59 - Affordable alpha and falling ETF fees

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