Wesley R. Gray, Ph.D. has studied and been an active participant in financial markets throughout his career. 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, LLC, an SEC-Registered Investment Advisor, where he is the Executive Managing Member. Dr. Gray has published two books: EMBEDDED: A Marine Corps Adviser Inside the Iraqi Army and QUANTITATIVE VALUE: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors. His work has been highlighted on CBNC, CNN, NPR, Motley Fool, WSJ Market Watch, CFA Institute, Institutional Investor, and CBS News. 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.
Patrick R. Cleary
Patrick R. Cleary
Chief Operating Officer
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.
David P. Foulke
David P. Foulke
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.
Carlton H. Kanner
Carlton H. Kanner
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.
Jack R. Vogel
Jack R. Vogel, PHD
Jack Vogel, Ph.D., conducts research in empirical asset pricing and behavioral finance, and has collaborated with Dr. Gray on multiple projects. 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. 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.
Trading and Execution
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. He has also passed all three CFA exams. 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.
Chief Technology Officer
Mr. Song is currently a managing member of Alpha Architect, where he serves as the Chief Technology Officer. His focus is on advanced software engineering and its application in financial services, often deemed “fintech.” Mr. Song has been a full-stack developer for over ten years where he has served as a software engineer in a variety of roles. Prior to joining Alpha Architect, Mr. Song was a System Engineer at Innovation Lab of ISI-Dentsu and prior to that he was a Senior Software Engineer at Panasonic Mobile. Mr. Song graduated from Kyoto University with a M.B.A. in Project Management, and from the Dalian University of Technology where he earned a BS in Engineering.
Quantitative Research Associate
Prior to joining the Alpha Architect team, Ms. Yao was a Research Assistant to Dr. Gray.
She studied quantitative models and summarized over 200 academic articles on psychology and behavioral finance.
Her prior experience includes work as a financial analyst at United Asset Growth (China) LLC, and as a business development intern for Shanghai Pudong Development Bank.
Tian is now pursuing a Masters in Finance at Drexel University and will graduate in June, 2014. She earned her Bachelors degree in Finance at Nanjing Normal University, China.
Hui Chen, PhD
Advisory Board, MIT Finance Professor
Macro-economics, credit risk, capital structure, and investment decisions.
Ph.D., M.B.A., University of Chicago Booth School of Business
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.
Daniel Dorn, PhD
Alpha Architect ETF Trust Board Member， Drexel University Associate Professor of Finance
Investments and behavioral finance
Ph.D., Columbia Business School
Undergraduate degrees from WHU Koblenz (Germany) and EM Lyon (France)
Part-Time Technology Consultant
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.
ALPHA ARCHITECT is an asset management firm that delivers high-conviction high-expected performance strategies at affordable costs. Three words describe our unique approach: Affordable. Active. Alpha.
We currently offer our services via Exchange-Traded Funds (ETFs) and Separately Managed Accounts (SMAs).