Masters in Business

Wesley Gray on a Source of Persistent Alpha

The two factors that delivery market-beating returns.

This week on our Masters in Business podcast, we speak with Wesley Gray, founder of Alpha Architect, a financial advisory firm that, among other things, offers robo-adviser services -- automated investment management via the internet, mainly in passive funds.

During our discussion, Gray, a former captain in the U.S. Marine Corps and a veteran of the war in Iraq, described how being trained and well versed in military history and tactics are applicable to Wall Street. He also holds a Masters in Business Administration and a doctorate in finance from the University of Chicago. Research by his firm also revealed that two factors generate persistent alpha (above-market returns): momentum and value.


You can stream the full podcast below, or download it on iTunes, Soundcloud orBloomberg. All of our earlier podcasts are at iTunesSoundcloud and Bloomberg.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

    To contact the author of this story:
    Barry Ritholtz at

    To contact the editor responsible for this story:
    James Greiff at

    Before it's here, it's on the Bloomberg Terminal.