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How to invest in 2025? If you're setting goals for the new year, one of them might be to start investing, improve your investment strategy, or simply manage your money more effectively in 2025. To help, we’ve invited our CEO and CIO, Wes Gray, to share insights on how he started his investing journey, the opportunities he sees for 2025 and beyond, and key considerations for investors. Whether you're a beginner or an experienced investor, this video offers potential valuable guidance for the year ahead.

0:00 - Intro/ The Grinch-Mobile

2:54 - Wes's Investing Journey

6:57 - Opportunities in 2025 (and Beyond?)

9:57 - Why Can Value and Momentum Work?

14:18 - How to Weight Value and Momentum?

17:10 - Index Investing?

19:55 - How to Diversify

22:40 - 100% Stocks?

25:13 - 2025 Goals

27:11 - Systems Over Outcomes

32:03 - Conclusions/ Outro

Disclosures: https://alphaarchitect.com/disclosures

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

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Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

The Economist Article: https://www.economist.com/finance-and-economics/2024/11/21/should-investors-just-give-up-on-stocks-outside-america

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. In this episode, we look back to 2024 to reminisce on the lessons learned and look forward to 2025 to see where markets are going.

0:00 - Intro

0:58 - 2024 Retrospective

9:25 - US Concentration

15:50 - US CAPE Valuation

18:52 - International Mean Reversion

26:11 - 2025 Predictions

29:07 - Benjamin Graham the Factor Investor?

34:40 - Favorite Investors

38:40 - Outro

Disclosures: https://alphaarchitect.com/disclosures.

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Jack's paper "Long Only Value Investing: Does Size Matter?": https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdf

St. Petersburg momentum blog: https://alphaarchitect.com/2019/04/momentum-factor-investing-in-russia/

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. In this episode, we'll touch on multi factor portfolio construction, and how a sequential approach differs from a joint screening process. Additionally, we answer listener questions regarding commodities exposures vs. managed futures, factor reliability and EBIT-to-TEV multiples.

0:00 - Intro

1:07 - Joint Multifactor Screens vs. Sequential

14:52 - Commodities vs. Managed Futures

21:37 - Are Factors Noise?

28:27 - EBIT-to-TEV vs. Earnings-to-TEV

30:50 - Outro

Disclosures: https://alphaarchitect.com/disclosures.

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.
www.alphaarchitect.com/subscribe

Follow us on X:


Wes Gray, PhD: x.com/alphaarchitect


Jack Vogel, PhD: x.com/jvogs02


Ryan Kirlin: x.com/RyanPKirlin


Jose Ordoñez Jr: x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about the AQR's Cliff Asness's new paper "The Less-Efficient Market Hypothesis" and review his claims regarding the market becoming less efficient over the past 30 years, valuation spreads as an indication of inefficiency, speeds vs. accuracy of markets, indexing, low interest rates and social media contagion. Additionally, we answer questions on tactical asset allocation, permanent tail hedging and equity contracts in managed futures.

0:00 - Intro/ 2k Subs!


1:58 - Valuation Spreads & Market Efficiency


7:29 - Speed vs. Accuracy


20:26 - Indexing & Efficiency


24:22 - Low Interest Rates & Efficiency


30:35 - Social Media & Efficiency


39:56 - Tactical Asset Allocation


44:54 - Permanent Tail Hedging


48:05 - Equity Contracts in Managed Futures


51:21 - Outro

Sources:
Asness, Cliff S., The Less-Efficient Market Hypothesis (August 30, 2024). 50th Anniversary Issue of The Journal of Portfolio Management, Forthcoming.

Disclosures: alphaarchitect.com/disclosures.

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Financial Repression Blog: "Low or High Inflation? Nope, Stealthy Government Debt Liquidation!": https://alphaarchitect.com/2015/03/stealth-government-debt-liquidation/

Jack's "Long-Only Value Investing: Does Size Matter?" Paper: https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdf

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about the recent NVDA earnings and subsequent stock crash, the macro landscape, fixed income trend, yield curve un-inversion, financial repression, factor glide paths and the size factor.

0:00 - Intro

1:20 - NVDA Crash

6:42 - How to Pick Stocks?

13:00 - Fixed Income Trends & Yield Curve Un-Inversion

18:08 - Financial Repression

27:55 - Factor Glide Paths

35:55 - Size and Value

45:24 - Outro

Disclosures: https://alphaarchitect.com/disclosures.

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Read Jack's paper on transaction costs: https://alphaarchitect.com/wp-content/uploads/2021/08/Factor_Investing_and_Trading_Costs.pdf

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about factor decay and ask the question: "Do factor portfolios survive publication decay and transaction costs?" We also look at the 2024 market crash and examine the root causes and what investors should do about it.

0:00 - Intro

1:11 - August Volatility

6:30 - What to Do in a Crash?

12:14 - Post-Publication Decay

29:42 - Factor Investing Trading Costs

36:24 - Sampling Biases

40:15 - Adaptive Markets

43:15 - Outro

Sources:

Chen, Andrew. Velikov, Mihail. Zeroing In on the Expected Returns of

Anomalies. Journal of Financial and Quantitative Analysis, Vol. 58, No. 3, May 2023 (995): https://www.cambridge.org/core/services/aop-cambridge-core/content/view/945133D5A3ECEEAF466AEE91551FD225/S0022109022000874a.pdf/zeroing-in-on-the-expected-returns-of-anomalies.pdf

Disclosures: https://alphaarchitect.com/disclosures.

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

www.alphaarchitect.com/subscribe

Long-Only Value Investing: Does Size Matter? by Jack Vogel: alphaarchitect.com/wp-content/uplo…ueInvesting.pdf

Should You Combine Value and Momentum? with Ryan Kirlin: www.youtube.com/watch?v=IwrYP1AaSF0

Follow us on X:

Wes Gray, PhD: x.com/alphaarchitect

Jack Vogel, PhD: x.com/jvogs02

Ryan Kirlin: x.com/RyanPKirlin

Jose Ordoñez Jr: x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about tracking error pain, personal finance topics such as home ownership and home ownership, as well as investing opportunities in crypto, dividend, covered calls ETFs and AI. Lastly, we answer questions about trend following, tail hedging and the size premium.

0:00 - Intro

0:32 - Tracking Error Pain

12:42 - Crypto

16:33 - Home Ownership in Today's Market

19:18 - Work From Home

23:45 - Budgeting

28:47 - Dividend Investing

32:28 - Covered Calls

34:16 - AI

42:14 - Is Trend Following a Risk Premium?

45:10 - Is Tail Hedging Rational?

47:48 - Does Size Matter?

50:55 - Outro

Resources Mentioned:

Tail Risk Hedging: Contrasting Put and Trend Strategies by Anti Ilmanen, Ashwin Thapar, Harsha Tummala and Daniel Villalon: www.aqr.com/Insights/Research/W…nd-Trend-Strategies

Fact, Fiction, and the Size Effect by Tobias J. Moskowitz: www.aqr.com/Insights/Research/J…and-the-Size-Effect

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Long-Only Value Investing: Does Size Matter? by Jack Vogel: https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdf

Should You Combine Value and Momentum? with Ryan Kirlin: https://www.youtube.com/watch?v=IwrYP1AaSF0

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about tracking error pain, personal finance topics such as home ownership and home ownership, as well as investing opportunities in crypto, dividend, covered calls ETFs and AI. Lastly, we answer questions about trend following, tail hedging and the size premium.

0:00 - Intro

0:32 - Tracking Error Pain

12:42 - Crypto

16:33 - Home Ownership in Today's Market

19:18 - Work From Home

23:45 - Budgeting

28:47 - Dividend Investing

32:28 - Covered Calls

34:16 - AI

42:14 - Is Trend Following a Risk Premium?

45:10 - Is Tail Hedging Rational?

47:48 - Does Size Matter?

50:55 - Outro

Resources Mentioned:

Tail Risk Hedging: Contrasting Put and Trend Strategies by Anti Ilmanen, Ashwin Thapar, Harsha Tummala and Daniel Villalon: https://www.aqr.com/Insights/Research/White-Papers/Tail-Risk-Hedging-Contrasting-Put-and-Trend-Strategies

Fact, Fiction, and the Size Effect by Tobias J. Moskowitz: https://www.aqr.com/Insights/Research/Journal-Article/Fact-Fiction-and-the-Size-Effect

Submit your questions! Email: [email protected]

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk about Roaring Kitty and market sentiment, factor concentration vs. diversification, taxable investing, managed futures, emerging markets, asset class rotation, risk parity and much more!

0:00 - Intro

0:44- Roaring Kitty is Back!

5:20 - Investor FOMO & Momentum

10:17 - Factor Concentration

18:00 - Taxable Investing

20:01 - Managed Futures & Emerging Markets

30:30 - Asset Class Rotation

34:23 - 🐓

35:00 - Risk Parity

39:32 - Outro

Resources Mentioned:

Turan G. Bali, Nusret Cakici, and Robert F. Whitelaw,

"Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns"

Journal of Financial Economics (2011)

https://pages.stern.nyu.edu/~rwhitela/papers/max%20jfe11.pdf

Frog-in-the-Pan Momentum Investing with Jack Vogel: https://www.youtube.com/watch?v=n2y5oZZlZoA&t=0s

Disclosures: https://alphaarchitect.com/disclosures.

For more educational resources, check out the Alpha Architect blog.

https://www.alphaarchitect.com/subscribe

Follow us on X:

Wes Gray, PhD: https://x.com/alphaarchitect

Jack Vogel, PhD: https://x.com/jvogs02

Ryan Kirlin: https://x.com/RyanPKirlin

Jose Ordoñez Jr: https://x.com/JOrdonezJr

Welcome to the Alpha Architect Round Up. Every month the Alpha Architect crew gets together and talks financial trends and news with an evidence-based outlook. This month we talk market trends positioning for inflation, 24/7 NYSE trading, and frog-in-the-pan momentum correlation to discount rates.

0:00 - Intro

0:36 - Trend Positioning/ Inflation Coming Back?

13:10 - NYSE to Trade 24/7?!

27:25 - Momentum & Discount Rates

35:01 - Outro

Resources Mentioned:

Da, Zhi and Gurun, Umit G. and Warachka, Mitch, Frog in the Pan: Continuous Information and Momentum (September 30, 2012).

Momentum and the Clarity of the Trend by Larry Swedroe: https://alphaarchitect.com/2024/05/momentum-and-the-clarity-of-the-trend/

Disclosures: https://alphaarchitect.com/disclosures.