Saturday, May 19, 2018 from 9:45 AM to 12:45 PM

Momentum Investing: Simple, but not Easy
Wesley Gray

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Eugene Fama, father of the efficient market hypothesis, and co-author Ken French have summarized the academic research on momentum as follows: "The premier anomaly is momentum." Fama and French make this statement because empirical research on the momentum effect is compelling. Academic researchers have examined stock data going back over 200 years and identified a robust historical performance record. Wesley Gray believes that the momentum anomaly is a sustainable active investment strategy because 1) the returns are driven by innate human bias, and 2) following the strategy is difficult because of enhanced volatility and career risk considerations.  

After serving as a captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm that delivers affordable active exposures for tax-sensitive investors. Wes is a regular contributor to multiple industry outlets, including the Wall Street Journal, Forbes, ETF.com, and the CFA Institute. Wes currently resides in the suburbs of Philadelphia with his wife and three children. Dr. Gray has published many academic papers and four books: “Embedded: A Marine Corps Adviser inside the Iraqi Army” (Naval Institute Press, 2009), “Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment” (Wiley, 2012) and “DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth” (Wiley, 2015).

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Date:    Saturday, May 19, 2018 

Time:    9:15 a.m.—Doors Open
                9:45 a.m.—Presentation begins
              12:45 p.m.—Adjournment


In Advance: (postmarked by 05/14 or online by 05/17)

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Register via postal mail-in form

Please send a contribution of ANY AMOUNT of your choice for each person who will attend. The more you contribute, the better the speakers we can bring you.

At the Door: 

Space permitting, maximum 200.  We accept a contribution of any amount at the door for each person who attends.


Contact us at least 24 hours prior to the meeting for a full refund.

Location: Mercer Island Community and Event Center
8236 SE 24th St.
Mercer Island, WA 98040-2235
(206) 236-3545

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