Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

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Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Rick Ferri » Sat May 11, 2019 4:00 pm

I'm geeking-out with Dr. Wesley Gray in Episode 9 of the "Bogleheads on Investing" podcast. I've known Wes Gray since he came into the industry. His story is fascinating. Even if you're not into factor investing, you'll enjoy this interview.

Episode 009: Bogleheads on Investing - guest Dr. Wesley Gray Roth, host Rick Ferri

Dr. Wesley (Wes) Gray is the new defacto "Jedi Knight" of quantitative factor investing. He is the CEO of Alpha Architect, an author, portfolio manager, United States Marine, Iraq War vet, and a former professor of finance at Drexel University. Wes earned an MBA and a Ph.D. in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Dr. Gray has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016).

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Last edited by Rick Ferri on Mon May 13, 2019 5:14 am, edited 1 time in total.
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by nedsaid » Sat May 11, 2019 7:54 pm

Rick, I did listen to the podcast. Seeing that Dr. Gray was also a Marine, you felt kinship with him.

A big takeaway is the factor crowding. I liked Dr. Gray's comment that if people are trying to trade the factors short term, it will not harm long term factor premiums but just create more volatility in the factors shorter term. If that is indeed what people are doing, this should actually help the long term investors in factors, they just need to stomach the higher volatility. If people are crowding the factors and staying in, like me, then factor premiums will decrease.

He was an excellent guest. He is an impressive individual and found that I really liked him. By the way, you have a good voice for broadcasting.
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Rick Ferri » Sun May 12, 2019 3:25 pm

I thought that was an interesting insight also.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Bongleur » Mon May 13, 2019 1:00 am

Transcripts? Can't file notes without ASCII.
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Rick Ferri » Mon May 13, 2019 6:05 am

Bongleur wrote:
Mon May 13, 2019 1:00 am
Transcripts? Can't file notes without ASCII.
That's a great idea! Thank's for volunteering. When will you have them done?

We'll take the ASCII files you create (or pay to have created) and post them on the Bogleheads Wiki for everyone to use.

Let me know when you're finished with the first nine episodes.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Bongleur » Mon May 13, 2019 8:39 pm

You should be able to afford something like Dragon Naturally Speaking voice-to-text software.
Reading is 3x faster than the spoken word, & you can refer back to it etc.
Seeking Iso-Elasticity. | Tax Loss Harvesting is an Asset Class. | A well-planned presentation creates a sense of urgency. If the prospect fails to act now, he will risk a loss of some sort.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Rick Ferri » Tue May 14, 2019 7:44 am

Bongleur wrote:
Mon May 13, 2019 8:39 pm
You should be able to afford something like Dragon Naturally Speaking voice-to-text software.
Reading is 3x faster than the spoken word, & you can refer back to it etc.
You're not catching my drift. The Bogleheads is a not-for-profit enterprise. It runs 100% on volunteers and donated funds.

If you want a transcript, volunteer each month to make one.
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by sunnywindy » Tue May 14, 2019 8:10 am

Great podcast and excellent questions.

About a year ago I had a few questions for Alpha Architect about their trend following ETF and they (Jack Vogel) did a good job providing answers. Seeing that we were both Pennsylvania guys, the conversation devolved into talking about football and pretzels, so it was very reassuring!
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by Jiu Jitsu Fighter » Tue May 14, 2019 6:43 pm

Really solid podcast. I'm glad that you, Rick l, did not get into an argument over the merits of factor investing (me being one of them) because I know you are a promoter of straight market cap weighted index funds, period.

I never enjoyed the arguments that you and Larry would get into because I admire both of you. It gives me hope that Bogleheads are not all extremely dogmatic as some posts clearly suggest.

Thanks again and keep up the good work.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by dharrythomas » Tue May 14, 2019 6:52 pm

Rick,

I love the podcast. Thank you so much. Thank you for your service to the nation and continuing to give back through Bogleheads. Good luck with the new business model.

Harry

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by columbia » Tue May 14, 2019 7:32 pm

He’s selling variations on trying to beat the market.

I doubt his customers will benefit in the long run.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by averagedude » Tue May 14, 2019 8:41 pm

Great podcast Rick! Blows my mind how this guy took a 4 year sabbatical (marines) while pursuing his PHD. Wish i had just a tenth of this guys drive when i was his age. Wonderful job of listening to your guest's when you interview them.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by tipswatcher » Tue May 14, 2019 9:13 pm

Very interesting podcast (they all are). My reaction is that Dr. Gray is probably super intelligent, but he communicates as a "regular guy," without loading us up with complex jargon. Impressive. We need more people like this in finance, and I thought his description of his factor funds was clear and honest, stressing the need for very long term investments. I'm not interested in his funds, but I am interested in Dr. Gray.
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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by megabad » Tue May 14, 2019 11:58 pm

Great episode Rick. I was not familiar with Gray, but his life story was fascinating to listen for me.

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Re: Episode 009: "Bogleheads on Investing" with guest Dr. Wesley Gray, host Rick Ferri

Post by abuss368 » Wed May 15, 2019 8:17 am

Thanks Rick for your contributions to spread investing advice inspired by Jack Bogle.
John C. Bogle: "Simplicity is the master key to financial success."

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