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CEO, Alpha Architect

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Value: Don’t Call It A Comeback, It’s Been Here For Years
While a lot has changed recently (I would argue we entered a new regime in Q4 2018) the S&P 500 is up only 3% from where it was 12 months ago.
Evaluating Spending Policies In A Low Return Environment
Market behavior since the GFC and the subsequent low return environment that we have been coping with poses the question of the sustainability of endowed institutions.
Purchasing Managers’ Index (PMI) And Factor Performance
Investors should not focus on using variables like the PMI to time factors and aim to generate higher performance, but measure when factors might become more or less risky with a focus on reducing drawdowns.
Market Sell-off Analysis: Baseline Historical Facts
We often hear that the market is 5% off its highs or that it is down 5% from the high of the year. The questions I want to answer are as follows: “How often does that 5% loss become a 10% loss? Or worse yet — a 20% loss?”
Trend Following: The Epitome Of No Pain, No Gain
One of the recurring themes we see in our research is the concept of “no pain; no gain.” Or as Corey Hoffstein says, “No pain, no premium.” Bottom line: nothing is easy in financial markets.
Large-Cap Price-to-Book Investing: What Is Dead May Never Die
I am reminded of this saying from Book of Thrones as more and more market commentators and practitioners declare that value investing is dead and cite its terrible performance over the last 10 years as proof.
Trust The Process
As a native Philadelphian and huge basketball fan, I fully agree with the 76ers fan’s rally cry — Trust the Process. But how can we apply this to investing?
Buying Stocks Trading Above 10x Sales–A Good Idea?
Early last week, Meb Faber included me on a conversation on buying stocks trading at 10x their company’s revenue (sales). Is this a good idea and how did it do in the past?
EC Are ETFs Really Crushing Mutual Funds?
A key question from people in the ETF industry is when will the mutual fund die? Turns out it's a bit more complex than many of us in the ETF industry would like to admit.
Fund Management: The Poor Beat The Rich
A recent research report found that fund managers from wealthy families underperform managers from poor families.
EC Buyer Beware: The Reality Of Tax-Loss Harvesting Benefits
Tax loss harvesting is a strategy with at best very small return benefits, that arise only from tax deferral. Don't let the tax tail wag the dog.
Trend-Following: A Decade Of Underperformance
An economic rationale for trend-following to work in the future would be if investors’ risk aversion is dynamic, and investors become more risk-averse as prices get lower and expected returns rise.
Is There A Size Effect In The Stock Market?
One of the oldest and most persuasive arguments in the stock market is that small stocks outperform large stocks.
Buyback Blackout Periods Do Not Negatively Impact Market Performance
The October 2018 market correction where the S&P 500® Index fell by 7%, its worst October since 2008,(1) left investors searching for a culprit.
HH Discipline: A Necessary Condition For Successful Investing
What does kite flying have in common with investing?
Weekly Recap: Affiliated Funds And Diversification
This week Ryan and I discuss two topics. First, we discuss a paper examining the performance of bank affiliated mutual funds. Second, we examine a post by Larry Swedroe on diversification.
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