CFA Institute Magazine Quote: Algos Dreaming

CFA Institute Magazine Quote: Algos Dreaming

February 12, 2014 Behavioral Finance
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(Last Updated On: February 12, 2014)

The latest edition of the CFA Institute Magazine has an interesting article on “Do Algorithms Dream of Electronic Clients?”

They even managed to quote me as saying the following:

Wesley Gray, PhD, a managing member of Empiritrage LLC in Broomall, Pennsylvania, follows a fully automated approach to “systematic value” investment selection and trading. He admits that many investors initially find it hard to believe in a purely systematic approach. “It’s very, very counterintuitive that a simple model can beat an expert because that doesn’t make any sense,” he says. Overcoming that reaction requires education and an emphasis on what Gray calls empirical-based investing versus story-based investing.


We are plowing through the evidence that simple models can beat experts. We’ve got 25 posts thus far, but by the time we’re said and done with this topic we hope to be hitting the 100+ range.

Note: This site provides NO information on our value investing ETFs or our momentum investing ETFs. Please refer to this site.

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About the Author

Wesley R. Gray, Ph.D.

After serving as a Captain in the United States Marine Corps, Dr. Gray earned a PhD, 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 that delivers affordable active exposures for tax-sensitive investors. Dr. Gray has published four books and a number of academic articles. Wes is a regular contributor to multiple industry outlets, to include the following: Wall Street Journal, Forbes,, and the CFA Institute. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.