Listen on The Move
What if the portfolio your clients think they own is actually just an expensive S&P 500 clone in disguise?
In this episode of Raise Your Average, hosts Pierre Daillie (Managing Director, AdvisorAnalyst.com) and Mike Philbrick (CEO, ReSolve Asset Management) sit down with Wesley Gray, PhD (CEO and CIO, Alpha Architect) for a wide-ranging, no-nonsense conversation on factor investing, portfolio construction, and why the biggest threat to advisor value is hiding in plain sight. Wes brings his trademark Marine-meets-PhD directness to topics every advisor needs to hear: from the resurgence of value, to the behavioral and tax traps that quietly vaporize investor returns, to why transparency and process discipline are the only edges that compound over time.
Chapters
0:00 The wirehouse portfolio problem: what a look-through analysis reveals
1:00 Introducing Wesley Gray, PhD, former Marine intelligence officer and founder of Alpha Architect
4:00 Value investing is back: what the resurgence of QVAL tells us about patience and premiums
7:00 Crawl, walk, run: sizing factor strategies so clients actually stay invested
13:00 The real return killers: taxes, frictional costs, and the liquidity trap
19:00 Capital efficiency: why concentrated factor exposure beats closet indexing
26:00 Line item vs. portfolio allocation: the tracking error conversation advisors must have
33:00 Portfolio X-ray: using look-through analysis to win clients and expose hidden costs
39:00 QVAL deep dive: how academic factor research translates into a real portfolio
46:00 Quantitative vs. discretionary management: why process beats gut instinct
53:00 Luck, skill, and the evidence-based process that makes you look lucky over time
58:00 How to hire, trust, and fire a quant manager
1:05:00 Human nature, behavioral finance, and why factor investing will always be boutique
1:08:00 What advisors get wrong when introducing a factor strategy to clients
#FactorInvesting #ValueInvesting #AlphaArchitect #WesleyGray #RaiseYourAverage #ETFinvesting #PortfolioConstruction #QuantInvesting #BehavioralFinance #WealthManagement #AdvisorAnalyst #FinancialAdvisor #TaxEfficientInvesting #ReturnStacking #QVAL #EvidenceBasedInvesting #IndexFunds #ActiveManagement #FiduciaryAdvisor #InvestmentStrategy
