Wesley Gray, CEO from Alpha Architect, explains about factor investing. There is no persistency in the performances of the several strategies. Human behaviour makes the implementation of factor strategies quite difficult as people expect that most of the strategies 'always work' and this is not the case in practice. Discipline is extremely essential, not only factor strategies. With his article 'Winning the Horse Race' Wesley Gray found out that EV multiples were the best performing value variables. Gray expects that in the countries where banks are very dominant there could be a big price drop for management fees.