Wes Gray 🇺🇸

Marine. Ph.D. Dad x3.
RIA/blog/education: label ETF:

[Wes Gray 🇺🇸 @alphaarchitect]

New Post: 351 ETFs: Tax-Free “Diversification” Is Supposed to Hurt https://t.co/icVlsmU131

[Wes Gray 🇺🇸 @alphaarchitect]

@elonmusk @bot Its gotten way better. Been transitioning off claude due to expensive token burn. Grok bots have come a long way!! Very bullish

[Andrew Chen @achenfinance]

🚨 The 2026 Open Source Asset Pricing data release is live! We migrated to CRSP v2, moved the data to Hugging Face, and updated the Python and R download packages. As in every release, the updates show our commitment to having the highest quality asset pricing dataset out there 🧵

[Wes Gray 🇺🇸 @alphaarchitect]

@MebFaber @CambriaFunds Incredible achievement

[Wes Gray 🇺🇸 @alphaarchitect]

@MrNQDC @TaxAlphaInsider Hard to say. Real issue is on client side. Treasury note put demand on ice in the short term since everyone needs to speak with their tax/cpa folks to digest. So deal flow isn't dead, I'd say its delayed.

[Wes Gray 🇺🇸 @alphaarchitect]

LAST CHANCE!

Want to exchange your old portfolio for shares of $AAUD? You have one week.

Contributions to the Alpha Architect U.S. Equity ETF 5, ticker AAUD, close next Friday, October 30 at 11:59 PM ET, at which point no more portfolios will be accepted.

If you've been wanting to exit your old portfolio but feel stuck because of the embedded gains, you may be able to exchange your assets for shares in core U.S. equity. Simply contribute your appreciated holdings to AAUD today.

AAUD seeks to deliver plain U.S. large blend exposure with a strategic dividend management overlay for a 0.09% total annual fund expense.¹

This is your last chance! If you'd like to participate, or are interested in learning more, email [email protected]

To learn more about AAUD head to: https://t.co/zIG0ujsv8K

¹Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch. AAUD's management fee and total annual fund operating expenses are 0.0945%.

[Wes Gray 🇺🇸 @alphaarchitect]

@TaxAlphaInsider And to be clear, I am just throwing out the idea to an indie journalist. Not making any claims or identifying any evidence that this is true. Simply pointing out incentives

[Wes Gray 🇺🇸 @alphaarchitect]

conspiracy theory alert. 351 is a dangerous capability that allows competition to attack the monopolist ETF operators. They have a strong interest in lobbying against the tool since it creates a window to attack their economic moats. The 40-Act is one crutch, but Treasury is another

[Eric Balchunas @EricBalchunas]

This is the way. Stock donations to kids w inv accts helps to kill many societal problems w one clean stone. We know some will perform olympic-level mental gymnastics to try and spin this as bad but as someone who has looked into it, this is really powerful stuff. 👏

[Teresa @Teresa7277]

"This nation will remain the land of the free so long as it is the home of the brave." - Elmer Davis

JLB
5.20.83 - 10.17.06

https://t.co/oRTREIa3X6

[Wes Gray 🇺🇸 @alphaarchitect]

@Teresa7277 Thx for sharing!

[Wes Gray 🇺🇸 @alphaarchitect]

Is this you?

• Missed out on the commodities bull market?
• Concerned about bonds and the growing U.S. debt burden?
• Unsure about historically high stock valuations?

We have your back.

We believe our ETF model framework can help you and your clients be ready for whatever the future brings.

Join us Thursday, October 22 at 12:00pm ET for a live webinar and Q&A. Create positive momentum for year-end client conversations, prepare for whatever the market throws at you next year, and walk away with more confidence in your investment model.

We built our ETF model framework to give you the answer to the toughest client questions, such as "why shouldn't I just invest with XYZ low cost provider?" and "why do I need an advisor?"

Reserve your spot today to learn how the Alpha Architect Model Portfolio can help with these questions and more: https://t.co/xDgZPQgP8s

To learn more about our offerings head to: https://t.co/HQNH2MEgM0

[Brent Sullivan @TaxAlphaInsider]

Red flag: hey brent, we have a cool tax strategy, let's see how we can partner!

Me: Send me a research paper, I'll gladly read it!

Them: would rather tell you in a call.

This kind of cleverness doesn't fly with me anymore.

There's very very very little IP in tax strategy. The tax part should be insanely transparent. The IP should be the investment strategy, not the tax mechanics.

So, these people pitching me are pitching the wrong thing and outing themselves as ding dongs along the way.

Show me the hard thinking you did in written form so I can scrutinize it.

I will study your work.

Yes, packaging research content is a huge effort, but that's how you stand out.

This may seem counterintuitive: with AI, anybody can write research!

But thoughtful research reveals something interesting (curation) and proves you've at least considered tradeoffs (risk management) and 1,000x better contains proprietary data (complete moat against AI) or at least a replicable model.

This combined package shows me you did the work that warrants attention, not even investment, just attention!

But stop with the cloak and dagger tax pitch.

That's dumb.

[Wes Gray 🇺🇸 @alphaarchitect]

@DaveNadig @TaxAlphaInsider yep

[Ptuomov @ptuomov]

This is REITarded.

I updated my graph for the latest observations and publicly traded REITs are now priced for negative risk premium. Return free risk for the REITards!

[Wes Gray 🇺🇸 @alphaarchitect]

@egr_investor Learn something new everyday!

[Wes Gray 🇺🇸 @alphaarchitect]

Hey Brent,
There are very complex laws tied to 12d1 that present a lot of issues for ETF operators -- especially those with FoFs on their platform. Much of the chatter on "sponsors are apprehensive about accepting ETFs" is likely being sourced to 12d1 issues, not Treasury guidance, which doesn't even speak to this per se. You can claude around 12d1 and quickly see what I mean. that will likely help consumers understand what it actually going on...

[Wes Gray 🇺🇸 @alphaarchitect]

@DaveNadig @TR401 5min is incredibly good tbh. 5hrs is other worldly!!

[Wes Gray 🇺🇸 @alphaarchitect]

5hr plank @ 61?
Motivator!!!!!!!!

[ABC News @ABC]

Canadian athlete DonnaJean Wilde, 61, has broken her own world record by planking for more than five hours, giving her the title of longest female abdominal plank holder in the world, according to the World Senior Games. https://t.co/qhaGw7bZeS

[Wes Gray 🇺🇸 @alphaarchitect]

@NoelSmith @Cboe box spreads for the win!

[Wes Gray 🇺🇸 @alphaarchitect]

@EricBalchunas @JSeyff congrats!