New Frontier Advisors Founder Publishes Pathbreaking Investment Book
Dr. Richard Michaud, President, and CEO of New Frontier Advisors LLC announced today the publication of his latest research on theory and practice in investment management: Finance’s Wrong Turns: A New Framework for Financial Markets, Asset Management, and Social Science, published by Palgrave Macmillan.
There is a foundational crisis in financial theory and professional investment practice. There is little credible evidence that active investment strategies and traditional quantitative investment technologies can provide superior risk-adjusted, cost-adjusted returns over investment-relevant investment horizons. Investors often adopt minimal cost no-information index or rule-based factor fund investments. Why are investors increasingly ignoring professional asset management? Can professional asset management be justified?
Economic and financial theory has been in error for more than sixty years and is the fundamental cause of the persistent ineffectiveness of professional asset management. Mathematical axioms that claimed to define rational economic theory are now understood to be demonstrably inconsistent with persistent patterns of rational human decision-making. Essentially, finance and social science needed to back up before being set on a more productive and useful path.
A new appreciation of the sociological context of economic and financial theory via agent-based modeling, innovations in preference theory, and a new context for expected utility leads to a novel understanding of modern equity markets as a financial intermediary and uniquely appropriate framework for meeting long-term investment objectives. The end result is a more human sociological context for financial and economic theory and enhanced investment practice.
Finance’s Wrong Turns uses the economic framework taught in most business school classrooms and in professional presentations to shed new light concerning the limitations of traditional tools of quantitative asset management. In non-technical language, Michaud argues for contemporary statistical tools and U.S. patented methodologies and innovations to redefine portfolio optimality and procedures to enhance professional money management.
About the Author
Dr. Richard Michaud is the President, Founder, and Chief Executive Officer of New Frontier Advisors. He earned a Ph.D. in Mathematics and Statistics from Boston University and has taught investment management at Columbia University. His research and consulting have focused on asset allocation, investment strategies, global investment management, optimization, stock valuation, and trading costs. He is the author of Efficient Asset Management (Harvard 1998, 2nd ed. Oxford 2008 with Robert Michaud), Investment Styles, Market Anomalies, and Global Stock Selection (CFA Research Monograph 1999), and over 60 published journal articles, manuscripts, and white papers available at SSRN.com and Researchgate.com and on the www.newfrontieradvisors.com website. He is a co-holder of four U.S. patents in portfolio optimization and asset management, a Graham and Dodd Scroll winner for his work on optimization, a former editorial board member of the Financial Analysts Journal, associate editor of the Journal of Investment Management, and former director of the “Q” Group. Dr. Michaud's research was recently profiled in WatersTechnology 2019: "Rebel Math." Notable press articles include Institutional Investor 2010: Modern Portfolio Theory’s Evolutionary Road , and Pensions & Investments 2003 “Markowitz says Michaud has built a better mousetrap.”
About New Frontier Advisors
New Frontier New Frontier Advisors, LLC is a privately-owned investment management firm based in Boston, MA. New Frontier optimizes investment portfolios for financial advisors and their clients, so they have the greatest probability of reaching their financial goals. New Frontier was founded in 1999 and has under management approximately $4.5B in assets. As a leader in portfolio optimization and the first ETF strategist, New Frontier pioneered constructing portfolios using exchange-traded funds (ETFs). Using our research, patented investment technology in portfolio optimization and rebalancing, and proven investment process, we are committed to designing the most effective risk-managed portfolios for our clients.
For more information, visit www.newfrontieradvisors.com www.newfrontierinstitute.com and follow the Press Office on Twitter @NFABoston
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230109005160/en/
Contact information
Corporate Communications
617-482-1433
MediaRelations@newfrontieradvisors.com
Cindy Miller
617-992-7697
cmiller@newfrontieradvisors.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Xsolla Integrates MVola as a Payment Method to Enable Instant, Card-Free Payments for Gamers in Madagascar’s Mobile-First Market4.12.2025 22:00:00 EET | Press release
Xsolla, a global video game commerce company that helps developers launch, grow, and monetize their games, today announced that MVola, Madagascar’s number one digital wallet, is now available as a payment option for players across the country. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204268075/en/ Chris Hewish, President of Xsolla Madagascar is a fast-growing, mobile-first market of 32 million people, where digital wallets are the primary driver of daily transactions. MVola, recently licensed as a digital bank, has established itself as the leading wallet in the country, with over 10 million users and powering more than 1 billion transactions annually. By adding MVola as a payment method to its portfolio, Xsolla removes the friction of card payments, enabling players to pay seamlessly with a trusted local method they already know and use every day. Key benefits of the MVola integration include: Instant confirmations
Board Recognized as a Leader in the Gartner ® Magic Quadrant™ for Financial Planning Software for Fourth Consecutive Year4.12.2025 19:14:00 EET | Press release
Board, the leading Enterprise Planning Platform, today announced that it has been named a Leaderin the2025 Gartner® Magic Quadrant™ for Financial Planning Software. This marks the fourth consecutive year the company has been positioned in the Leaders quadrant. The Board Enterprise Planning Platform integrates planning processes across the enterprise, enabling strategic, financial, and operational planning with near-real-time analysis and data sharing. Board’s unified approach to planning has driven strong adoption across financial and operational planning in the manufacturing, consumer packaged goods (CPG) and retail sectors. “We are proud to once again be named a Leader in the Gartner Magic Quadrant for Financial Planning Software,” said Jeff Casale, CEO of Board. “To Board, this recognition reflects our continued commitment to helping organizations unify strategic, financial, and operational planning within a single platform, and empower teams to plan continuously, make confident dec
UAE Unveils $1bn Yemen Energy Rebuild, Signalling New Opportunities for European Renewables and Grid Partners4.12.2025 19:04:00 EET | Press release
The UAE has announced a $1 billion package to help rebuild Yemen’s electricity sector, a move that analysts in Europe say could open new avenues for European renewable-energy firms seeking entry points into high-impact stabilisation projects across the Middle East. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204476712/en/ UAE unveils $1bn Yemen energy rebuild, signalling new opportunities for European renewables and grid partners (Photo: AETOSWire) According to the UAE’s Ministry of Foreign Affairs, the decision was disclosed during the UAE’s participation in the first Yemen National Energy Conference (YFNEC 2025) recently. UAE’s Ambassador to Yemen Mohamed Hamad Al Zaabi reaffirmed the country’s commitment to advancing sustainable energy in Yemen, addressing longstanding grid challenges and strengthening public–private partnerships to stimulate future investment. The country’s renewed intervention arrives as Europe ac
LambdaTest Elevates Mudit Singh to Co-Founder as the Company Accelerates Its Next Phase of Growth4.12.2025 18:00:00 EET | Press release
LambdaTest, a leading GenAI-native quality engineering platform, today announced the promotion of Mudit Singh to Co-Founder. This move recognizes his contributions in shaping the company's growth, strengthening its global brand, and driving product adoption across key markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204685161/en/ Mudit Singh, Co-Founder and Head of Growth, LambdaTest Mudit joined LambdaTest in 2017 and has been instrumental in building the company's marketing engine, product-led growth initiatives, and community programs. Under his leadership as Head of Marketing and Growth, LambdaTest expanded its enterprise footprint, launched high-impact campaigns, and became a trusted partner for thousands of development and QA teams worldwide. "Mudit has been part of LambdaTest's story since the early days. His elevation to Co-Founder recognizes the impact, ownership, and leadership he has demonstrated through
Rigaku Launches XTRAIA MF-3400, a Measuring Instrument for Next-generation Semiconductors4.12.2025 17:00:00 EET | Press release
Rigaku Corporation, a global solution partner in X-ray analytical systems and a group company of Rigaku Holdings Corporation (headquarters: Akishima, Tokyo; CEO: Jun Kawakami; hereinafter “Rigaku”) has launched the XTRAIA MF-3400, an instrument used in semiconductor manufacturing processes to measure the thickness and composition of wafers. The XTRAIA MF-3400 will significantly enhance productivity in the rapidly growing semiconductor market by enabling high-accuracy evaluation of materials essential for mass production of next-generation memory chips and high-speed AI devices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204537975/en/ XTRAIA MF-3400 As generative AI and data centers continue to expand, demand is rising for high-performance, energy-efficient semiconductors capable of processing vast volumes of data. Consequently, semiconductor structures are becoming more complex, delicate, and three-dimensional, with a
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom