Empiritrage is turning academic insight into investment performance.® We specialize in tax-efficient quantitative strategies that exploit market mispricing caused by persistent behavioral bias. Empiritrage currently manages approximately $149 million for 29 clients as of December 31, 2013.

Strategy Background Performance Organization Overview White Paper

We identify high quality value firms that Wall Street hates.

Turning Academic Insight into Investment Performance

Wes Gray, Founder and Executive Managing Member of Empiritrage presents From Concept to Reality, Using Data to Create Investment Strategies at The Nantucket Project 2013 Finance Forum. His team worked to develop a systematic approach to value investing with four core steps:

  1. Avoid permanent loss of capital
  2. Screen to the cheapest stocks
  3. Screen for quality cheap stocks
  4. Slavishly follow the model

We Wrote the Book on Systematic Value Investing
Quantitative Value
Selected Book Reviews

Quantitative Value is a must read for those with a love of value investing and a desire to make the investment process less ad-hoc. A must read.

–Tony Tang, Ph.D., Global Macro Researcher and Portfolio Manager, AQR Capital Management

If you liked The Little Book that Beats the Market, you will love Quantitative Value.  Gray and Carlisle take systematic value-based investing to the next level.

–Raife Giovinazzo, Ph.D., CFA, Research Analyst in Scientific Active Equity, Blackrock

Our Investment Process (Click to Watch)

Phase 1

Avoid Value Traps: Investors misprice lottery-type investments.

Read More  

Phase 2

Find the Cheapest Stocks: Identify stocks most prone to representative and availability bias.

Read More  

Phase 3

Find the Top Quality Cheap Stocks: These securities prices are most incongruent with their valuations, and thus likely to be suffering the most from behavioral bias.

Read More  

Are You Trying Too Hard?

Team Mission: To empower investors through education.