We Study Billionaires - The Investor’s Podcast Network - TIP211: Artificial Intelligence and Finance w/ Dr. Wes Gray (Business Podcast)

Starting point is 00:00:00 You're listening to TIP. On today's show, we're really thrilled to bring you our interview with Quant Investor, Dr. Wesley Gray. Dr. Gray is the founder of the Alpha Architect and is also a contributor at the Wall Street Journal. We've had Wes on the show numerous times, and in the past, we always received such positive feedback from members of our audience about the discussions that we have with him. And on today's show with Wes, we're talking about artificial intelligence and what impacts

Starting point is 00:00:26 it might have in the financial management world. Additionally, Wes talks to us about the current market conditions and how he's currently positioning himself based on the fundamental and momentum indicators that Wes uses. So without further delay, here's our interview with the talented Dr. Wesley Gray. You are listening to The Investors Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. All right, welcome to the Investors podcast. We're thrilled to have you with us today. And like we said in the

Starting point is 00:01:11 introduction, we have Wes Gray here with us. So, Wes, welcome back to the show. Thrilled to have you. I appreciate you putting the time in. So, Wes, I want to start off the conversation talking about a thing that Stig and I have been doing a lot of research on lately, and that's artificial intelligence. I'm digging around on the internet. I'm scrounging for research papers and whatnot. And I just keep coming up to the same website talking about artificial intelligence and investing. And it's your website. It's Alpha Architect. Almost every hit that I get for any type of search that I'm doing that involves deep learning,

Starting point is 00:01:46 machine learning, neural networks meshed with any type of investing, I'm getting hits on your site. So I know you guys are doing a lot of research in this area. I'm just curious from an overall point of view, how do you see AI interacting with investing? What do you see this progressing to in the coming five to ten years? years. And I know if you guys are doing anything proprietary, we obviously want to respect that. But if you can talk to us about what you guys are up to, let us know. I'm like you. I'm trying to learn as fast and rapidly as I can. So what we're doing is we're partnering up with a lot of other folks that have got more knowledge in the space than myself.

Starting point is 00:02:23 So we've got a lot of smart people. And then another thing I recommend people read, actually got the book right here called AIQ. I like it because it's highly accessible. in the sense that it's not like a bunch of math equations and Python code. Professor Poulson was always very open about being a great teacher. And I think is booked as a good job of saying, hey, these are the high-level concepts of what this thing is trying to solve. All that said, all this excitement, honestly, I think people should be very careful because a lot of this is marketing.

Starting point is 00:02:57 We have not found any evidence, at least in the context of long-term, investment strategies where long term is, let's say, monthly rebounds, which for many is pretty damn short, that suggests that it adds any value beyond what are kind of common known things like buy cheap stocks, buy momentum stocks, et cetera. That's not to be closed minding to say that it can't add value, but no one has shown to us beyond any definitive doubt that it would be worth adding from an evidence-based standpoint, whereas I do understand that a lot of people are saying, well, that's great marketing, but we try to avoid being about marketing, trying to be about, you know, transparency, evidence-based and all this stuff. So to be frank, exciting, but haven't found any

Starting point is 00:03:47 useful applications thus far, to be completely honest. So Wes, would that be because you only have a very limited amount of data? I mean, most AI funds are really, really new. Is that why you haven't found anything or is it because of different factors where you at least for now can conclude that it does not have a significant impact? What we found is relative to known technology is already out there. It's very hard to differentiate and say, oh, this adds so much additional value. After considering the complexity, the black boxness, and the inability to truly understand, let's say you got a strategy that makes whatever 10% a year, you know, having back tested and, you know, memorize these databases at this point. It's so much noise and little things matter so much.

Starting point is 00:04:38 Something like that is not going to move the needle one way or the other. Now, the big issue also is the level of frequency. We're kind of more long-term, low-frequency investors, and there's just only so much data in samples out there, right? So I don't even know if you could ever definitively, quote unquote, prove to yourself the machine learning was working, given the history of docs. Where I do think it could be more useful. And I know it's in more application, is in super high frequency where there's a ton of, like, data and there's tons of resolution. We got we take all the data in. Tomorrow, this is resolved because we know if we want or lost.

Starting point is 00:05:19 And so I think there it has more application. Now, I don't want to confuse the audience. here with what I'm saying. The book that Wes recommended was A.I.Q. Now we're going to talk about, I was curious if you've seen this ETF ticker called AIEQ, and if you have any thoughts on it, because so far it's been outperforming the market since its inception, but it's only been on the market for, it's coming up on a year here pretty soon. Yeah, yeah. So I figure you might ask a question about that, because I know you guys had the gentleman on your podcast recently that runs it. And that was, by the way, a fascinating conversation. And there's nothing against what they're doing. Again, we're looking at

Starting point is 00:05:57 it and one understand it as well. But here's the thing. If you look at our stuff this past year today, especially like our momentum fund, we're also destroying the market. We've also been destroyed in the past. We've just had a lot more time and grade than they have. They actually move very similarly and we're actually beat them. And that's not to say that we're that great. It's just to say that controlling for known things like concentrated momentum investing. It kicked ass this last year. But we don't have like 10,000 data points and we're not fueled by IBM Watson. I don't think that there's reason to be super excited with AIEQ based on the performance

Starting point is 00:06:41 because I think it's really just their factor tilts are probably explaining a lot of what they're doing. It's always important to dig in the weeds because just because you deep the market, But over any given time period, especially short window, that's pretty easy to do, just depending on what the characteristics of your portfolio look like and how those characteristics perform. Yeah, it's a very interesting point. And what's going to happen when you see a season's change and, you know, all stocks have got to drop? What's going to happen with these AI stock picks?

Starting point is 00:07:11 You know, looking at some of the holdings they have, it kind of looks like momentum picks. And as you mentioned before, momentum has been really strong here recently, has really been outperforming. Could you also mention the stock ticker for the fund that you're running in terms of momentum and then perhaps people can even compare? Sure. So what I recommend is just go to our ETF website, pf architect.com. We generally refrain from talking about our own tickers from compliance reasons on here. But if you just Google it and type in momentum, Alpha Architect, you'll be able to find out about it. It's not a problem. Awesome. How do you think about volatility in a momentum strategy. What I've noticed as I'm trying to implement momentum and I'm obviously not the

Starting point is 00:07:56 best momentum guy, but what I've noticed is when I find something that has a very low volatility, but has the same momentum qualities of something that doesn't have so much volatility, that is a huge benefit for me. And I'm kind of curious how you guys view volatility when you're trading momentum. People should always consider the beta or the volatility whenever they're doing momentum, Because it just, you know, stepping back and thinking about it, if you're just in a market with tons of raging stocks, i.e. like right now or maybe like the last few years, by nature, all the high momentum names are just going to be the most fault, all most risk because they paid off the best, right? So what a lot of people will do is there's a thing called like alpha or risk adjusted momentum. So they'll look at all stocks, but then they'll control for their market beta, controlling for market exposure in your sense, essentially saying, hey, like, low ball that also has the similar momentum.

Starting point is 00:08:51 General, that seems to be a more effective way of picking momentum stocks. In particular, we wrote a whole book about this, and we looked at every single scheme out there, is we use an algorithm called Frog in the Pan. And the Frog in the Pan algorithm is essentially saying, hey, and the reason it's called frog in the pan is we want to look for this slow boiling momentum, not like the Mikey momentum, So, i.e., we kind of like this more low-val momentum, not like the biotech goes up 100% today type momentum. It's called frog in the pan.

Starting point is 00:09:24 And really, anything that captures that idea is you've got high momentum, but the path to get there was you dip the frog in the cold water and you slowly turn them up and he gets cooked in the end. That's the better type of momentum that you want, at least empirically it seems to work better from an investment standpoint. That's what I was hoping you were going to say, and I'm glad you did. Yeah, just a caveat. It's not that that, like anything, it's noisy, doesn't work all the time. When I say it quote unquote works, I mean, you know, on hammering on every market we could find over super long periods,

Starting point is 00:10:00 on average it has an edge relative to just generic momentum strategies. I was just like to reiterate. Whenever time you say something works in investing, it means it works over long periods with small edge. It's not like the day trading strategy. It will make you a private island owner, fortunately. Let's take a quick break and hear from today's sponsors. All right. I want you guys to imagine spending three days in Oslo at the height of the summer.

Starting point is 00:10:28 You've got long days of daylight, incredible food, floating saunas on the Oslo Fjord, and every conversation you have is with people who are actually shaping the future. That's what the Oslo Freedom Forum is. From June 1st through the 3rd, 2026, the Oslo, Freedom Forum is entering its 18th year bringing together activists, technologists, journalists, investors, and builders from all over the world, many of them operating on the front lines of history. This is where you hear firsthand stories from people using Bitcoin to survive currency collapse, using AI to expose human rights abuses, and building technology under censorship

Starting point is 00:11:05 and authoritarian pressures. These aren't abstract ideas. These are tools real people are using right now. You'll be in the room with about 2,000 extraordinary individuals, dissidents, founders, philanthropists, policymakers, the kind of people you don't just listen to but end up having dinner with. Over three days, you'll experience powerful mainstage talks, hands-on workshops on freedom tech, and financial sovereignty, immersive art installations, and conversations that continue long after the sessions end. And it's all happening in Oslo in June. If this sounds like your kind of room, well, you're in luck because you can attend in person. Standard and patron passes are available at Osloof Freedom Forum.com,

Starting point is 00:11:48 with patron passes offering deep access, private events, and small group time with the speakers. The Oslo Freedom Forum isn't just a conference. It's a place where ideas meet reality and where the future is being built by people living it. If you run a business, you've probably had the same thought lately. How do we make AI useful in the real world? because the upside is huge, but guessing your way into it is a risky move. With NetSuite by Oracle, you can put AI to work today. NetSuite is the number one AI cloud ERP, trusted by over 43,000 businesses.

Starting point is 00:12:22 It pulls your financials, inventory, commerce, HR, and CRM into one unified system. And that connected data is what makes your AI smarter. It can automate routine work, surface actionable insights, and help you cut costs while making fast AI-powered decisions with confidence. And now with the Netsuite AI connector, you can use the AI of your choice to connect directly to your real business data. This isn't some add-on, it's AI built into the system that runs your business. And whether your company does millions or even hundreds of millions, Netsuite helps you stay ahead. If your revenues are at least in the seven figures, get their free business guide, demystifying AI at Nessuite.com slash study. The guide is free

Starting point is 00:13:06 to you at netsuite.com slash study. NetSuite.com slash study. When I started my own side business, it suddenly felt like I had to become 10 different people overnight wearing many different hats. Starting something from scratch can feel exciting, but also incredibly overwhelming and lonely. That's why having the right tools matters. For millions of businesses, that tool is Shopify. Shopify is the commerce platform behind millions of businesses around the world. and 10% of all e-commerce in the U.S. from brands just getting started to household names. It gives you everything you need in one place,

Starting point is 00:13:44 from inventory to payments to analytics. So you're not juggling a bunch of different platforms. You can build a beautiful online store with hundreds of ready-to-use templates, and Shopify is packed with helpful AI tools that write product descriptions and even enhance your product photography. Plus, if you ever get stuck, they've got award-winning 24-7 customer support. Start your business today with the industry's best business partner, Shopify, and start hearing sign up for your $1 per month trial today at Shopify.com slash WSB.

Starting point is 00:14:19 Go to Shopify.com slash WSB. That's Shopify.com slash WSB. All right. Back to the show. I've got a question for you. We saw the market hit a huge top. It was like going parabolic back in January of 2000. and then it had a really abrupt correction.

Starting point is 00:14:40 S&P 500 comes down, hits the 200-day moving average, kind of bounces around at that level, and then has slowly started to recover off of that 200-day moving average. As a momentum investor, I'm just kind of curious how you guys were viewing this event back then and how close were you to liquidating some of your positions? Because from a fundamental standpoint, we all know this thing screaming high right now. But from a momentum standpoint, I know you're kind of like, Hey, if the momentum's good, I'm going to continue to hold until that changes. So I'm really curious how you guys were viewing this event back then,

Starting point is 00:15:14 and were you guys kind of getting a little bit on edge? So I don't get on edge because I have computers worry about that for me, so I don't have to get emotional about anything. We weren't that concerned because we're using 12-month moving hours and 12-month what they call time series. We were always still pretty far away from those. If you were in the 10-month 200-day range, your feet were getting a little bit on fire there. To be frank, I don't know if that one triggered, but I know our stuff was pretty far away.

Starting point is 00:15:44 Yeah, we weren't worried about it. Now, that said, international markets have been way rockier, best markets. And we actually did hedge a little bit a couple months ago, hold it back off, and now we're potentially going to put it back on. So we are in the phase right now, at least on international markets, where we are or either have been hedged, we're about to be hedged again, and we want to start probably pulling some of that market risk off there. But the U.S., it's long and strong.

Starting point is 00:16:13 Which international markets are talking about here? I'm actually talking just all of them. I'm talking to E-Phee specifically, so like international develop. If you look at all of them like develop, I know, I mean, any of the international markets, it's been a much rockier road than obviously U.S. equity has been. So that's just your trend falling is turn to matter a little bit out there. We're here in the States. I mean, we're just riding the Trump wave, I guess.

Starting point is 00:16:40 I would like to continue talking about this concept then in a situation with inflation. You know, whenever we look at inflation, at least by the conventional metrics, you know, you have your basket of various goods that you need in your household, energy, and so on and so forth. If we look at those metrics, it seems like inflation is barely much. moved. And on the other hand, then we have something like quantitative easing where you will go in and supply the system with a lot of cash. Basically, bonds would be replaced with cash and that cash would be pumped into the system, a lot of that into the equities market. So I guess this is my long winded way of asking you. How do you see this relationship here? Do you see this as quantitative

Starting point is 00:17:28 Is it easing having the impact on inflation, just not the inflation that it's getting reported? Honestly, I used to think I knew about this stuff. Frankly, I have no clue. I will tell you a story. You know, I'm a University of Chicago, Milton Friedman, Bible thumper here. I'm a free market. I believe in his idea I used to, hey, if you print a bunch of money and do a bunch of stuff, then someone's going to pay the piper in the form of price inflation.

Starting point is 00:17:56 And of course, 08 comes around and they're printing money like dealers. My intuition was like, holy cow, we're going to have inflation. And of course, in normal price inflation indexes, to your point, we haven't seen that. A lot of people say, well, they printed money, but it stayed in the bank, etc. But they also inherently kept basically the risk free, the hurdle rate way low. So it encouraged people to invest in risk assets so they could get a premium, which embedded in kind of an asset inflation. Now, here's the thing, whether it's in asset inflation or where it is, in the end, like,

Starting point is 00:18:34 two few dollars stationed two few goods, I would still expect it, according to the old theories, to be in PI type metrics. And I think this is almost a narrative that we've somehow backed in, oh, well, went into assets, but I don't know of any theory or any macro communications out there that explain how this story ends. I agree with the narrative there, but I just don't have any clue on the dynamics of how that plays out in the future. Yeah, that makes two of us. All you got to do is look at all the Chicago guys. Come out of 08, you know, everyone with that New York Times guy. Krugman, he was explaining at the time, no, this will not end up in inflation. You guys are

Starting point is 00:19:20 all wrong. You're not thinking about this, right? And he was getting blown on. off the mountain. All my Chicago guys were just saying, you're an idiot. You know, we're all screwed. And they were all wrong. And so again, I kind of got mentally screwed up there because my old mental model obviously didn't explain the world that well. And so I'm still learning myself here, man, I'm trying to figure it out on how this all plays out, to be completely honest. So let's say we go through another cycle. And we fast forward years in the future here. And we go through another credit cycle, they obviously turn right back to the QE again. Well, we know, we can't say with 100% confidence, but I think we can say with quite a bit of confidence that if we do more QE,

Starting point is 00:20:02 it's going to drop interest rates lower because of somebody buying at any price, really, in the bond market. Yeah, at least in the short side of the treasury market. Yeah, well, and I think even in this last credit cycle, we saw them, the operation twist where they were buying even outside of the short end of the cycle. And I think that that's really kind of the play during the next credit. cycle is that they're going to extend themselves, not just at the federal funds rate, but they're going to actually go out on the longer end of the bond yield curve. When they do that, what we're seeing is that they're replacing credit with hard currency. And you can continue to do that as long as you're doing kind of this one-for-one swap where you're taking hard cash and you're replacing it

Starting point is 00:20:42 with credit. But once you have exchanged all that, and now you're trying to manufacture your growth through manipulation of the currency is really what's happening. I think you would agree with that. That's where I think you might start to see the inflation go crazy. If all of that would continue to play out and if what I just described as tools that are used, I think that's where you could potentially see it. But I think why Krugman was right on this last credit cycle is because it was kind of a one-for-one swap with the hard currency for the credit that it was replacing. One thing that I am fascinated about, you look out there, the term structure right now, it's crazy. The 30 year, the 10 year versus the two year, they're about the same.

Starting point is 00:21:25 It seems like market participants, and I do not believe that the federal government has enough clout to control, like way out in the 30 year. And it's basically saying that expected inflation for the next a billion years is not that high. And that's just really perplexing to me. Because I just can't believe that it seems like the economy's on fire and they're doing a lot of things like policy-wise, even if the president's kind of a little bit out there, like from a PR perspective, like from a straight economic policy, you know, outside of the trade war stuff, lower taxes, lower regulation. We see it in our business.

Starting point is 00:22:04 It just seems like this sucker's raging. And like everyone I talk to that's a business person is like, dude, this thing is awesome. So if you got raging economy and somehow somewhere all this inflation and fake money and printed dollars were put out there somewhere, it seems to me like it's got to get rocking here at some point. But again, my old mental model of how the world works, I'm kind of naturally like a gold guy. Like I would like to have just know that my dollar is worth X. Now, if you look at Japan, you know, there might be 10 or 20 years ahead of us in terms of

Starting point is 00:22:39 a long-term cycle. And if you look at their inflation numbers, I mean, they've been so low. I think back in 2014 for a brief period of time, it shut over 2%. But, you know, it's been zero, sub-zero. It's just been outrageous. And they're not just buying up the bond market. Now they're starting to buy up the equities market. That's a perfect example where how many hedge fund graveyards have been dug by being short

Starting point is 00:23:07 the freaking JGB. be. So many, I've seen so many smart pitches over the years and all these people are just faced down in a grave right now. We've got their face ripped off. Have that metal model of like print money, tons of debt, eventually inflation monsters will be here. It just doesn't happen. But I think the key difference is we've got something different. We've got a ripping, raging, dynamic economy on the cusp of potentially happening here. Whereas Japan kind of, kind of, went from like a pinnacle, monster asset bubble that blew them out. They never able to recover from economic, I don't think.

Starting point is 00:23:48 Whereas here, we could have, we probably have a monster asset bubble. But I think we have a lot of like real growth and real change that is generating like real GDP, which could put us back in the inflation potential camp versus like 20, 30 years from now we're like sitting on CPI of 10 bips or whatever. So who knows? We'll find out. There would be an interesting experiment. I mean, the great thing about your strategy is you could be dead wrong about that, and you'd

Starting point is 00:24:13 probably still make money because you're following the momentum and you're following the trend. If it tells you something different than what your thesis is telling you, you go with what the trend and momentum is, you got it, man. The great irony is prices tell you everything and usually have the wisdom of the crowds embedded in them, even if it's entirely against your narrative. So if the prices on bonds start ripping, i.e. yields start going way up, freaking get short that damn thing. Or likewise, similarly, if bond prices start going way up, way up, way up, and you'll start coming down, even though I believe inflation is imminent, I don't care. I'm going to get long bonds. And that's why I just love about trend falling. You no longer have to rely on what you want.

Starting point is 00:25:01 you just follow what the market is telling you. And it feels to me like relying on what the market thinks a lot of times is a lot's smarter than relying on what your monkey brain thinks because your narrative and story is so powerful and it's usually wrong. Let's take a quick break and hear from today's sponsors. No, it's not your imagination. Risk and regulation are ramping up and customers now expect proof of security just to do business. That's why Vantza is a game changer.

Starting point is 00:25:31 VANTA automates your compliance process and brings compliance, risk, and customer trust together on one AI-powered platform. So whether you're prepping for a SOC 2 or running an enterprise GRC program, VANTA keeps you secure and keeps your deals moving. Instead of chasing spreadsheets and screenshots, VANTA gives you continuous automation across more than 35 security and privacy frameworks. Companies like Ramp and Ryder spend 82% less time on audits with Vantta. That's not just faster compliance, it's more time for growth.

Starting point is 00:26:04 If I were running a startup or scaling a team today, this is exactly the type of platform I'd want in place. Get started at vanta.com slash billionaires. That's vanta.com slash billionaires. Ever wanted to explore the world of online trading, but haven't dared try? The futures market is more active now than ever before, and plus 500 futures is the perfect place to start. Plus 500 gives you access to a wide range of instruments, the S&P 500, Nasdaq, Bitcoin, gas, and much more. Explore equity indices, energy, metals, 4X, crypto, and beyond. With a simple

Starting point is 00:26:44 and intuitive platform, you can trade from anywhere, right from your phone. Deposit with a minimum of $100 and experience the fast, accessible futures trading you've been waiting for. See a trading opportunity, you'll be able to trade it in just two clicks once your account is open. Not sure if you're ready, not a problem. Plus 500 gives you an unlimited, risk-free demo account with charts and analytic tools for you to practice on. With over 20 years of experience, Plus 500 is your gateway to the markets. Visit Plus500.com to learn more. Trading in futures involves risk of loss and is not suitable for everyone. Not all applicants will qualify. 500, it's trading with a plus. Billion dollar investors don't typically park their cash in

Starting point is 00:27:33 high-yield savings accounts. Instead, they often use one of the premier passive income strategies for institutional investors, private credit. Now, the same passive income strategy is available to investors of all sizes thanks to the Fundrise income fund, which has more than $600 million invested in a 7.97% distribution rate. With traditional savings, you'll, it's falling, it's no wonder private credit has grown to be a trillion dollar asset class in the last few years. Visit fundrise.com slash WSB to invest in the Fundrise income fund in just minutes. The fund's total return in 2025 was 8%, and the average annual total return since inception is 7.8%. Past performance does not guarantee future results, current distribution rate

Starting point is 00:28:21 as of 1231, 2025. Carefully consider the investment material before investing, including objectives, risks, charges, and expenses. This and other information can be found in the income funds prospectus at fundrise.com slash income. This is a paid advertisement. All right. Back to the show. So is the process more that you would find undervalued stocks and then find the right

Starting point is 00:28:45 momentum? Or is it, are you looking at momentum and then see if some of those momentum stocks also are undervalued? I start with the idea that I don't know. So I barbell it, right? Like I buy cheap, nasty value stock, things like coals or maces or whatever, total dirtball, meaner version trade. And I say, great, that's my religion. That's my story.

Starting point is 00:29:09 And that's something I could do. You know, I died. No problem there. But I also recognize that a lot of these things are rolled by Amazon. So on my other hand, I got momentum. So I'm just buying the highest wires out there, you know, the divergence rate. So on one hand, I got the mean reversion trade, but I'm coupling that in a barbell with, you know, the non-mean reversion trade, the momentum trade. You want to pull those together.

Starting point is 00:29:34 You kind of can win either way. If you knew exactly which one was going to work, well, obviously you picked that. But, you know, name me the guy who has a genie in their bottle that can tell them what the future is going to hold. No one can't. So I'm just going to hold the best of both. And then as far as like managing data or managing, you know, my overall market risk, I'm going to use trend falling on that. So if risk is paying off and I see that in price trends, own it.

Starting point is 00:30:01 If it's not, get flat. I don't call it buy and hold. I call it buy and suffer, which is great if you've got the ability to do that. But if there's a way to kind of sidestep the suffering and it seems somewhat reasonable, why not do that? I'm just a trend follower, man. And then on stock pickings, I like meter version. I also like momentum.

Starting point is 00:30:22 them and I just pull them together because I just don't know. So it's really about placing your bets. You have the different buckets out there going full well that one of them probably is not going to work maybe, but that's why you diversify across concept. Right now is 30 August 2018. So what we're about to talk about is pretty specific to when we recorded this. But right now, what are some of the trend following and momentum areas that you like? You mean as far as like where are the trends?

Starting point is 00:30:49 Yeah. What would you say are some of the strongest trends that are going? right now. Really what you got right now is, you know, U.S. equity, obviously, a lot of things are mixed. So like the bond complex has been kind of whips on around. Right now, if you're a short-term friend on the bond, like the 10-year complex across the globe, you're generally long. Commodity complex is kind of mixed like metals. You're generally short. So a lot of the energy sector, you know, you're generally long, but that's starting to change as well. So I would say across the board, outside of U.S. equity, and it's just a broad-based statement, it's kind of whips on around and mix.

Starting point is 00:31:28 But that's why your trend fall. Like, eventually some trend will probably emerge here. It's just, for the most part, you know, we haven't been in any great positive trends. And the only thing you're starting to see now is big negative trends. And one example I was telling you about there is like international equity. Like that's something where a lot of storms are out there brewing and you're seeing that in price action. So that'd be a market. If you believed in trend falling, you might want to start re-risking or at least watching where those price actions going and take your risk gingerly.

Starting point is 00:32:02 Hey, the one thing I went to talk about, Wes, last year at this time, I participated in this amazing event that you put on. I had the pleasure of hanging out with Ted and Patrick O'Shaughnessy and yourself and many others. For people that don't know, Wes is a former Marine. And once a year, him and Jack Bogle and some other folks there at Alpha Architect put together this event in coordination with Pennsylvania National Guard. They go out, they get a barracks. Okay, so I show up and there's drill sergeant Gray, boss and everybody through the open bays. We're all sleeping in open bays. We're all eating chow together.

Starting point is 00:32:40 And then we go out and we do this massive hike. 28 miles. Let me tell you what an event. Wes is doing it again. Unfortunately, I am not able to go this year. I was going to be there and then my schedule changed a little bit and I wasn't able to pull it off. But Wes, what's the dates for this year? So it's Marshall Fawn. A lot of people just know this is not a charity event at all. Not going to ask you for money. We float all the chow, all the lodging. You just got to show up. This is a living memorial, you know, represent. and be able to look at Gold Star family. And a Gold Star family, people don't know as someone who had a son or daughter who was killed in action, you know, let them know that we still remember. So, you know, so this is something that's about like living memorial. So that's your charity showing up.

Starting point is 00:33:28 It's basically the 29th of September. So the plan, though, is you show up the 28th that Friday. And we do some tribal bonding, got some chow. We got some speakers this year. But you can do five miles. You can do 10 miles. I can tell you personally this was just an amazing event. The people that are there are amazing, but really the mission of why you're going there and what you're doing.

Starting point is 00:33:53 Every mile marker they had a soldier who had lost his life or her life. It was just amazing to go. And every time you passed another mile, you put your hand on the picture, you keep going. Just an amazing event the way that they have it all structured. So I can't promote this enough. If you are wanting to know more about this, we're going to have a link in our show notes. you can click on that and where you can sign up. And then Wes will take it from there once you're signed up.

Starting point is 00:34:18 You'll start getting emails on prep, what to do to train, all sorts of things. Because if you're going to do the whole thing, this is no walk in the park. It's quite intensive. But like Wes said, if you want to go out there, hang out with some people, just do five miles. You can do five miles. It doesn't matter. No one's judging you or anything. But I can attest to how awesome the experience is.

Starting point is 00:34:37 So we'll have the information on our show notes for that. Awesome. I'm Wes, thank you so much for taking time out of your day to come on

Starting point is 00:34:44 the show. You always willingly say yes, even though I know you're very busy and we just

Starting point is 00:34:50 really appreciate that because you always give us so much information to think about. So thanks for your time,

Starting point is 00:34:54 Wes. Thank you. I mean, our mission is empowered through education and I love what you guys are doing

Starting point is 00:35:00 and honestly you guys are probably one of my favorite podcast. Yeah, I love what you guys do,

Starting point is 00:35:05 man, keep it up and keep educating and people should tune in and tell their friends

Starting point is 00:35:09 about the podcast. Thanks, Wes. You got it. All right, guys. That was all that Preston and I had for this week's episode of The Investors Podcast. We see each other again next week. Thanks for listening to TIP.

Starting point is 00:35:21 To access the show notes, courses, or forums, go to theinvestorspodcast.com. To get your questions played on the show, go to AskTheInvesters.com and win a free subscription to any of our courses on TIP Academy. This show is for entertainment purposes only. Before making investment decisions, consult a professional. This show is copyrighted by the TIP Network. Written permission must be granted before syndication or rebroadcasting. TIP!

Starting point is 00:36:04 TIP!

We Study Billionaires - The Investor’s Podcast Network - TIP211: Artificial Intelligence and Finance w/ Dr. Wes Gray (Business Podcast)

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.