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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 FOLLOW WES ON TWITTER / alphaarchitect MORE INFORMATION ON ETF ARCHITECT https://www.etfarchitect.com MORE INFORMATION ON ALPHA ARCHITECT https://www.alphaarchitect.com SEE LATEST EPISODES OF EXCESS RETURNS https://www.validea.com/excess-return... FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: / practicalquant LinkedIn: / jack-forehand-8015094 FOLLOW JUSTIN Twitter: / jjcarbonneau LinkedIn: / jcarbonneau