Advertise on podcast: The Alpha Architect Round Up

We talked with Brent Sullivan, chief editor at Tax Alpha Insider, about the history, use cases and future of the 351 exchange. Brent is one of the most respected voices in the investing tax space.

Can stocks really underperform for bonds decades?! In this special Alpha Architect Round Up celebrating 3,000 subscribers, we sit down with Meb Faber to dig into surprising market truths, diversification challenges, and why buy-and-hold doesn’t always work outside the U.S. In this episode, we discuss: • Why stocks can stagnate or trail other assets like bonds and gold for decades • The hidden role of farmland and housing in the global portfolio • Vanguard’s surprising call for international bonds • Trend-following: misunderstood or just out of favor? • The pitfalls of institutional investing and why complexity often loses • Behavioral mistakes investors keep repeating (performance chasing, sitting on cash) • Which countries and strategies are “totally not crushing it” today—but might be tomorrow Follow Meb's summer series "20 Things You May Not Know About Markets (or That Might Surprise You)": https://x.com/MebFaber/status/1936136442079855067 Follow the Alpha Architect Team and Meb 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 Meb Faber: https://x.com/MebFaber Subscribe for more insights on diversification, market trends, and smart investing strategies! For more educational resources, visit: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Submit your questions! Email: [email protected] Are tariffs coming back—and is the market ready? The global trade landscape just got more complicated. With key tariff extensions expiring and deal-making in limbo, investors are left wondering what’s already priced into the market—and what might still catch them off guard. In this conversation, the Alpha Architect team to break down what these developments mean for inflation, volatility, and long-term investing strategy. In this episode, we discuss: • Why the expiration of tariff extensions could shake global markets • How much of the trade disruption is already priced in • Inflation: transitory spike or structural trend? • The limits of macro forecasting for long-term investors • When trend following works—and why it’s different from economic prediction • What increased access to private equity could mean for everyday investors • Volatility exposure: smart hedge or expensive distraction? Follow the Team 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 Subscribe for more insights on diversification, market trends, and smart investing strategies! Music License: VFX3P5IRW5LIFQAA For more educational resources, visit: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Submit your questions! Email: [email protected] Is Tail Risk Hedging Still Worth It? And What’s Up With Trend Following and International Stocks? In this episode of the Alpha Architect Roundup, we tackle the recent market dip, the muted VIX, and what that means for tail risk hedging strategies. While investors hoping for a crash were left disappointed, the conversation turns to whether protection still has a place in a portfolio. We also dive into the struggles of trend following during whipsaw markets, the subtle resurgence of international equities, and how to think about weighting factors and diversifiers. From AI in factor research to why keeping it simple may still be the best edge, this episode offers a wide-angle lens on risk management, return generation, and investor behavior in today’s market. We discuss: • Why equities remain the dominant return driver—and where value and momentum fit in. • How to think about tail risk hedging when the VIX stays muted. • Lessons from comparing the 2020 crash to the 2025 market dip. • How trend following performed recently, and whether it’s still a valid strategy. • Why implementation (slow vs. fast signals) matters in managed futures. • The nuanced role of trend as a diversifier vs. portfolio protection. • A data-backed argument for international stocks—and whether the trend is sustainable. • What investors are (and aren’t) saying about international allocations. • How to think about weighting schemes in factor and diversifier portfolios. • The pros and cons of AI in factor investing—and why simplicity and transparency still win. Follow the Team 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 Subscribe for more insights on diversification, market trends, and smart investing strategies! For more educational resources, visit: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Can Apple really be safer than the U.S. government? In this episode of the Alpha Architect Roundup, we explore the odd disconnect between credit ratings and market pricing. Apple holds a higher rating than the U.S.—but Treasury yields suggest otherwise. What does that say about risk perception, inflation expectations, and the role of bonds in your portfolio? In this episode, we discuss: – The disconnect between credit agencies and bond market pricing – The bond market’s lackluster performance post-2022 – Rising tariffs and their impact on inflation – Momentum’s underperformance despite a strong market – Whether T-bills are still the “risk-free” rate – Practical strategies for managing long-term macro uncertainty Sources: – "Why Are Bond Investors Contrarian While Equity Investors Extrapolate? Understanding Return Expectations, Part 3" by Antti Ilmanen. AQR. Subscribe for more insights on diversification, market trends, and smart investing strategies! For more educational resources, visit our website: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

What stocks should you own in a trade war? That’s the question I posed to Kai Wu, founder of Sparkline Capital, after reading his latest blog post. His answer? It's not what most investors expect—and it goes way beyond headlines about tariffs and retaliation. We discuss: • The two key dimensions of trade exposure: sales and supply chains • Why global firms have historically outperformed—despite higher risk • The concept of a “geopolitical risk premium” • How intangibles like brand equity and human capital change the game • What investors can do today to stay globally exposed without losing sleep Sources: Investing Amid Trade Wars by Kai Wu: https://www.sparklinecapital.com/post/investing-amid-trade-wars International Intangible Investing by Kai Wu: https://www.sparklinecapital.com/post/international-intangible-value Subscribe for more insights on diversification, market trends, and smart investing strategies! Website & Disclosures For more educational resources, visit our website: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Can large value stocks hold their own against small value stocks? The answer might surprise you! In this video we challenge the narrative that small value stocks dominate, explore what really matters for long-only value investors, discuss the impact of liquidity, rebalancing, and portfolio weighting, and examine evidence from U.S. and international markets by examining Jack Vogel's academic paper, "Long Only Investing: Does Size Matter?". Key Topics: • Why long/short results don't apply to most investors • The case for equal-weighting large value stocks • Liquidity advantages of large caps • Factor decay and rebalancing frequency in portfolios • Market cap weighting risks in portfolio construction Timestamps: 0:00 – Intro: Do small value stocks really outperform? 1:00 – The finding: Size does not matter! 2:54 – What's large and small? 4:01 – Large vs. small horse race results 4:45 – Economical vs. statistical significance 6:03 – The impact of transaction costs 8:20 – Size and factor decay 9:21 – Out-of-sample tests & variations 10:22 – What happens if one value-weights large value? 12:28 – What does this all mean for investors? 13:41 – Outro Sources: “Long-Only Value Investing: Does Size Matter?” by Jack Vogel, PhD: https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdf AQR’s “The Devil in HML's Details” by Asness and Frazzini: https://www.aqr.com/Insights/Research/Journal-Article/The-Devil-in-HMLs-Details Subscribe for more insights on diversification, market trends, and smart investing strategies! For more educational resources, visit our website: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

The Trump Bear Trap: Volatility, Tariffs, and Factor Frustration Markets whipsawed through April, with sudden drawdowns, massive rebounds, and political catalysts fueling confusion. In this episode of the Alpha Architect Roundup, we break down whether this is a true bear trap—or just the cost of being a long-term, evidence-based investor. Key Topics Covered: •Is this a bear trap or just market noise? •The impact of Trump’s tariff threats and 90-day delays •Why GDP shrank—and whether it means recession •Crisis alpha and trend following: when should it work? •Small-cap drawdowns and doubts about the size premium •Do value and momentum still deserve investor trust? •What it takes to stick with factor investing through pain Timestamps: 00:00 –Intro/ Factor investing should be hard 01:27 – April volatility: bear trap or bull trap? 06:39 – "Kicking the can down the road" 12:29 – GDP contraction: signal or noise? 15:31 – Crisis alpha and trend disappointment 19:49 – Is the size premium dead? 21:40 – Factors and the problem of timing 27:04 – Are factors dead? 36:49 – Is technical analysis for n00bs? 40:12 – Final thoughts Subscribe for more insights on diversification, market trends, and smart investing strategies! Website & Disclosures For more educational resources, visit our website: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Is option hedging worth it — or just an expensive insurance policy? We sat down with Joe DeSipio, Chief Market Strategist at Arin Risk Advisors, to explore how professional investors think about using options for hedging, portfolio construction, and opportunistic trading. In this conversation, we cover: • Why put options are often overpriced, and what to do about it • The rise of retail interest in options and its effects in market-making • How to navigate "explanation risk" with clients • Why 0DTE options aren’t the threat some think they are • Using options as a complement for traditional portfolios • Dynamic vs. static hedging: when to use each approach • The efficiency (and inefficiencies) of the options market • Why RoaringKitty changed the world of options for the best Subscribe for more insights on diversification, market trends, and smart investing strategies! Website & Disclosures For more educational resources, visit our website: https://www.alphaarchitect.com Disclosures: https://www.alphaarchitect.com/disclosures

Submit your questions! Email: [email protected] Welcome to the Alpha Architect Round up, where we talk market news, trends and answer any questions you may have through an evidence-based lens. In this special edition, we dive deep into trend following, macro momentum, equity valuations, and the market reaction to major trade policy shifts. In this episode: •Does the 200-day moving average still "work"? •April’s tariff news and the return of protectionism •Market volatility and what the VIX is really saying •Trend following vs. macro momentum •Equity valuations and the risks of concentration •The role of Treasury duration in portfolios •And yes... a few predictions for May Subscribe for more insights on diversification, market trends, and smart investing strategies! For more educational resources, visit our website: https://www.alphaarchitect.com

Submit your questions! Email: [email protected] Welcome to the Alpha Architect Roundup! In this episode, we dive deep into: Factor investing strategies – How much should you concentrate a portfolio? Separate vs. combined factor funds – What’s the best approach? Regression vs. characteristics – Which method is more effective? Rebalancing factor portfolios – How frequently should you adjust? U.S. dollar weakness – Should investors change their strategy? Strategic Crypto Reserve?! What are the implications for investors? Whether you’re a seasoned investor or just getting started, this video offers practical strategies and expert insights to help you navigate factor investing, market trends, and portfolio construction. 👉 Like, subscribe, and share with your friends! 📚 For more investing insights, visit https://AlphaArchitect.com/subscribe 📲 Follow us on X (formerly Twitter) for real-time updates! Follow the Team 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 Disclosures: https://www.alphaarchitect.com/disclosures

Submit your questions! Email: [email protected] Welcome to the Alpha Architect Roundup! In this episode, we dive deep into: NVDA's $500B stock wipeout – What happened and why? AI investing risks – Is the AI bubble bursting? Tariff wars & macro trends – How will they impact markets? Portfolio strategies – Should investors adjust their holdings? Momentum investing risks – Could Nvidia’s drop signal a shift? US stock market concentration – Are mega-cap stocks too risky? Factor investing insights – How to stay ahead in 2025 Whether you’re a seasoned investor or just getting started, this video offers practical strategies and expert insights to help you navigate today’s volatile market. Don’t miss the discussion on Nvidia, AI stocks, tariffs, and portfolio risks! 👉 Like, subscribe, and share with your friends! 📚 For more investing insights, visit AlphaArchitect.com/subscribe 📲 Follow us on X (formerly Twitter) for real-time updates! Follow the Team 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 📜 Disclosures: AlphaArchitect.com/disclosures

Submit your questions! Email: [email protected] Welcome to the Alpha Architect Roundup! In this episode, we dive deep into : - Rising treasury yields and bond market signals - Inflation risk - iShares filing for a managed futures ETF - Everyone's desert island investment factors - Factor investing outlook for 2025 - How GameStop (GME) may be a value stock - DJT stock and the underlying play Whether you’re an experienced investor or just getting started, this video offers practical strategies and insights to help you stay ahead. Don’t miss the discussion on meme stocks, short squeezes, and what to watch for in 2025! 👉 Like, subscribe, and share with your friends 📚 For more educational content, visit AlphaArchitect.com/subscribe. 📲 Follow us on X (formerly Twitter) for real-time updates! 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

To subscribe to the Alpha Architect blog head to alphaarchitect.com/subscribe 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. 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 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.