After serving as a Captain in the United States Marine Corps, Dr. Gray received a PhD, and was a finance professor at Drexel University. Dr. Gray’s interest in entrepreneurship and behavioral finance 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 multiple academic articles. Wes is a normal contributor to the 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.
Jack Vogel, Ph.D., conducts research in empirical asset pricing and behavioral finance, and is a co-author of DIY FINANCIAL ADVISOR: A Simple Solution to Build and Protect Your Wealth. His dissertation investigates how behavioral biases affect the value anomaly. His academic background includes experience as an instructor and research assistant at Drexel University in both the Finance and Mathematics departments, as well as a Finance instructor at Villanova University. Dr. Vogel is currently a Managing Member of Alpha Architect, LLC, an SEC-Registered Investment Advisor, where he heads the research department and serves as the Chief Financial Officer. He has a PhD in Finance and a MS in Mathematics from Drexel University, and graduated summa cum laude with a BS in Mathematics and Education from The University of Scranton.
Mr. Cleary is currently a Managing Member of Alpha Architect, where he assists in business development, firm operations and strategic initiatives. Previously, Mr. Cleary served as Director of Strategy and Corporate Development for Algeco Scotsman, a multinational leasing and manufacturing company. Before Algeco Scotsman, he was a Project Leader for the Boston Consulting Group. In that capacity, he advised clients across a variety of industries in the US, Europe, and Africa. Mr. Cleary also served as a Captain in the United States Marine Corps. He holds an M.B.A. from Harvard Business School and a B.S. in Economics from The Wharton School of the University of Pennsylvania.
Mr. Wang is currently a Managing Member of Alpha Architect, where he heads the trading department and assists in quantitative research. His recent research focuses on long/short commodity strategies, volatility index arbitrage, and tactical asset allocation. Mr. Wang has a MS in Finance from Drexel University, and graduated with a BA in Economic Journalism and BL in International Business Law from Shanghai University of Finance & Economics. His prior working experience includes time as a Summer Analyst Intern at CITIC Securities and as a Part-time Assistant at Bain Capital.
Mr. Xu is currently a managing member of Alpha Architect, where he leads the capital markets group and assists in quantitative research. Mr. Xu has unique skills related to "big data" analysis. His recent research investigates various proprietary trading algorithms, tactical asset allocation models, and longer-term security selection models. Prior to joining Alpha Architect, Mr. Xu was a Principal Data Analyst at Capital One, where he was a member of the Basel II data analysis team. Mr. Xu graduated from Drexel University with a M.S. in Finance, and from the University of International Business and Economics in Beijing, China, where he earned a BA in Economics.
Mr. Foulke is currently a Managing Member of Alpha Architect, where he assists in business development, firm operations, strategic initiatives, and developing papers on quantitative investing and behavioral finance topics. Prior to joining Alpha Architect, he was a Senior Vice President at Pardee Resources Company, a manager of natural resource assets, including investments in mineral rights, timber and renewables. Prior to Pardee, he worked in investment banking and capital markets roles within the financial services industry, including at Houlihan Lokey, GE Capital, and Burnham Financial. He also founded two technology companies: E-lingo.com, an internet-based provider of automated translation services, and Stonelocator.com, an online wholesaler of stone and tile. Mr. Foulke received an M.B.A. from The Wharton School of the University of Pennsylvania, and an A.B. from Dartmouth College.
A physicist by training and Director of Portfolio Services at Alpha Architect, Adam assists family offices, Fortune 100 firms and middle market companies reduce their tax exposure across their investments and business operations. Prior to joining Alpha Architect, Adam was the Northeast Practice Leader for Duff & Phelps’ Business Incentives Advisory practice in Manhattan. He earned his MBA from Rensselaer Polytechnic Institute, has a BS in physics from the University of Massachusetts and studied portfolio theory at the National University of Singapore.
Mr. Pugliese is a Director of Portfolio Services at Alpha Architect, where he heads up the firm’s 1042 ESOP solutions practice. In this role, Doug is responsible for assisting clients to implement tax efficient strategies for monetizing their business holdings to create diversified, investible wealth. Previously, he was director, Wealth Transition Strategies, at SEI Private Wealth Management, a multifamily office, where he focused on advising business owners. Prior to joining SEI, Mr. Pugliese was employed by Marshall & Stevens, Inc., a financial consultancy, where he was an Executive Managing Director and Principal, managing activities in the Northeast region, including the firm’s New York and Philadelphia offices. Previously, Mr. Pugliese was a Managing Director in the Investment Banking Division at Bear, Stearns & Co. Inc. During his twelve years’ tenure there he developed and executed strategic merger & acquisition and financing transactions worth more than $12 billion and was based in the Firm’s New York and London offices. Prior to that, Mr. Pugliese served as an officer and pilot in the United States Navy. Mr. Pugliese received his B.A. in Economics and Spanish Literature (with honors) from the University of Pennsylvania and his MBA from the Stern School of Business at New York University, where he was a Dean’s Scholar and a Stern Scholar.
Mr. Kanner most recently was employed as the co-CIO of Pubco Corporation, a manufacturing and investment company located in Cleveland, Ohio. During his tenure with Pubco Corporation Mr. Kanner advised on the company’s allocations to public market equities, bonds, municipal bonds, conducted due diligence on third party managers, and was responsible for finding and researching potential acquisitions. He rebranded Smith Corona Corporation into a new distribution arm for Pubco’s label division, turning the company from a declining typewriter business into a quickly growing $3 million per year business unit. Mr. Kanner also advised on Pubco’s recent $12 million capital investment in new coating lines and its 2014 planned $2 million adhesive plant. Prior to joining Pubco Mr. Kanner was co-founder and managing member of EIS Capital Partners a value investing and special situation partnership. He currently holds a series 65 license from FINRA and has been with Alpha Architect since 2010. Mr. Kanner graduated from Babson College in 2009 with a B.S. in business administration and finance.
Dr. Pagano is The Robert J. and Mary Ellen Darretta Endowed Chair in Finance at Villanova University where he has received awards for both teaching excellence and academic scholarship. Prof. Pagano is also involved with various professional organizations such as FINRA’s Market Regulation committee and Citadel FCU’s board of directors. He holds the Chartered Financial Analyst (CFA®) designation and has experience both in commercial lending activities at Citibank and in investment valuation analysis at a financial consulting firm, International Capital Markets Corp., as well as Reuters PLC. Professor Pagano has also been interviewed by various media sources such as the Wall Street Journal, New York Times, Financial Times, Associated Press, CNBC, Bloomberg.
Cliff has managed software development and provided web marketing solutions across multiple industries for over 8 years. His past positions include head of trading at Empirical Finance, LLC, a quantitative hedge fund, head of eCommerce at SmithCorona.com and Hedge Fund Consulting Associate at Cambridge Associates's Menlo Park Office. Cliff is the founder of CTG Company, LLC, a technology and financial consulting company. Cliff is a licensed pilot, certified wilderness first responder and permitted wilderness outfitter in the State of Colorado. As the founder of Flat Tops Wilderness Guides, he operates wilderness big game hunting and summer expeditions in the Flat Tops Wilderness Area. Cliff earned a BA in Economics from Stanford University and an MBA from the University of Chicago Graduate School of Business.