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Alpha Architect

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The Alpha Architect mission is to empower investors through education. We are a research-intensive asset management firm focused on delivering sophisticated tax-efficient active exposures ...more
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Valuing Artificial Intelligence Stocks
Tuesday, April 2, 2024 4:36 AM EDT
The market value of AI firms is expected to grow at a 37% rate. Although the opportunities seem boundless, valuations conducted in the financial markets are increasingly complex to carry out for AI/tech stocks.
In this article: NVDA
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Tracking Error Is A Feature, Not A Bug
Sunday, March 24, 2024 9:28 AM EDT
Investors who seek to benefit from diversification of the sources of risk and return of their portfolios must accept that adding unique sources of risk means that their portfolio will inevitably experience what is called tracking error.
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Betting On A Short Squeeze As Investment Strategy
Sunday, March 10, 2024 6:12 AM EDT
Short squeezes, with their resulting price surges, are of interest to investors with a preference for lottery-like distributions. A short squeeze occurs when many investors bet against a stock by selling it short and its price shoots up instead.
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Lottery Preference And Biotech Stocks: Trust The Financials, Not The Science
Sunday, February 25, 2024 7:00 AM EDT
Making a bet on biotech/pharma firms that have not yet achieved significant revenue is the equivalent of buying a lottery ticket—with the same poor risk/return relationship.
In this article: VFINX, VTSMX, IBB
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Financial Literacy In The US…Doesn’t Look Great!
Sunday, January 21, 2024 9:01 AM EDT
This paper aims to analyze financial literacy in the United States, utilizing the most recent data from the National Financial Capability Study collected in 2021 by the Financial Industry Regulatory Authority Investor Education Foundation.
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Outperforming Cap- (Value-) Weighted And Equal-Weighted Portfolios
Sunday, January 21, 2024 4:41 AM EDT
Popular benchmarks in academic research studies to evaluate the performance of investment strategies are cap-weighted (market-, or value-weighted), and equal-weighted portfolios.
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The Financial Distress Puzzle
Monday, January 1, 2024 4:56 AM EDT
That riskier assets should command higher expected returns is a basic of asset pricing theories. Clearly, financial distress is a risk characteristic, but it presents a puzzle, as there has not been a linear relationship between it and stock returns.
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Fifty Shades Of Grey Swans: The Risks That Matter Most
Friday, December 29, 2023 11:42 PM EDT
Many of the White Swan risks that could really hurt us are new in some important way, context-dependent, or forgotten about. These risk variants—let’s call them Grey Swans—are less likely reflected in market prices.
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Is Now A Good Time To Buy Bonds?
Wednesday, November 29, 2023 5:12 AM EDT
As pundits wrestle over the cause, implications, and sustainability of the recent massive moves in interest rates, I’ll instead delve into the two terms most often blamed for these shifts in rates: R-star and the Term Structure Premium.
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The Magnificent Seven
Sunday, November 19, 2023 6:01 AM EDT
I’ve been getting lots of questions about The Magnificent Seven—not the movie, one of the greatest westerns of all time , but Apple , Amazon, Microsoft, Nvidia), Alphabet, Tesla, and Meta Platforms.
In this article: AAPL, AMZN, MSFT, NVDA, TSLA, META, GOOGL
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Is Inflation Ever Going To Go Down?
Monday, November 13, 2023 2:31 PM EDT
How long will it take for the current level of inflation to subside? If history is any guide, it could take quite a while. 
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The Performance Of Major Private Equity/LBO Firms
Sunday, November 12, 2023 6:02 AM EDT
Private Equity involves pooling capital to invest in private companies by providing venture capital to startups or by taking over and restructuring mature firms via leveraged buyouts.
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Dissecting The Idiosyncratic Volatility Puzzle
Saturday, October 28, 2023 2:49 AM EDT
Idiosyncratic volatility (IVOL) is the volatility of a security that cannot be explained by overall market volatility—it is the risk unique to a particular security.
In this article: GME, BBBY, AMC
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The Democratization Of Investing And The Evolution Of ETFs
Tuesday, October 3, 2023 4:50 AM EDT
The first ETFs emerged in 1993 and tracked broad-based indexes for a low fee. The competitive situation in the ETF industry today has differentiated itself by adding a new breed of ETFs that reflect specialization into popular investment themes.
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ESG Preferences Negatively Affecting Market Efficiency
Sunday, October 1, 2023 10:59 AM EDT
Environmental, social, and governance investing continues to increase in popularity, with many institutional and individual investors incorporating ESG criteria into their investment decision-making process.
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The Role Of ESG In Equity Returns Across Private, Primary, And Secondary Markets
Sunday, September 17, 2023 2:25 AM EDT
Sustainable investment strategies should be expected to produce portfolios with less risk and thus, logically, should also be expected to produce lower returns in the long run (in equilibrium).
In this article: ESG
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