New Frontier Advisors Founder Publishes Pathbreaking Investment Book
9.1.2023 17:33:00 EET | Business Wire | Press release
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
Actus Nutrition Achieves Certified B Corporation ™ Status13.7.2026 18:51:00 EEST | Press release
Actus Nutrition today announced that it has achieved Certified B Corporation™ status, joining a global community of businesses that value social and environmental performance, accountability, and transparency. For more than 80 years, Actus Nutrition has upcycled dairy-based raw materials into high-value nutrition ingredients used by customers around the world. Earning B Corp certification reflects the company’s belief that business success should create value not only for stakeholders, but also for employees, customers, suppliers, communities, and the environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713867540/en/ Actus Nutrition achieves Certified B Corporation status. "We've always believed that how a company operates matters just as much as what it produces," said David Lenzmeier, Chief Executive Officer of Actus Nutrition. "Achieving B Corp certification validates the work our teams do every day to operate r
AIT Worldwide Logistics Welcomes Justin Kosslyn as Chief Digital and Technology Officer13.7.2026 18:02:00 EEST | Press release
Supply chain solutions leader AIT Worldwide Logistics has hired Justin Kosslyn, a tenured software development executive, as its chief digital and technology officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713269550/en/ Justin Kosslyn will lead an accelerating digital transformation at AIT Worldwide Logistics, unifying a vastly diverse array of shippers and partners across the globe. In the newly created role, Kosslyn will report directly to President and Chief Operating Officer, Keith Tholan, and lead the company’s global technology strategy, continuing to implement AIT’s existing program while accelerating the next generation of integrated digital, data, AI and customer-facing systems across the organization. “With a history of delivering for companies at the center of global technology and innovation, Justin brings the kind of forward-looking perspective we believe can help AIT lead the next evolution of logist
Labaton Keller Sucharow LLP Launches Corporate Accountability & Governance Task Force13.7.2026 17:46:00 EEST | Press release
Labaton Keller Sucharow LLP is pleased to announce the launch of its new Corporate Accountability & Governance Task Force, designed to help institutional investors advance corporate accountability while pursuing meaningful shareholder recoveries. Created in response to the increasing needs of our clients, the Task Force will provide clients with strategic advice on opportunities to drive positive corporate change through securities and shareholder litigation. This initiative reflects the Firm’s longstanding commitment to protecting investor interests while promoting responsible corporate conduct. Labaton partners with institutional investor clients to pursue cases that not only seek financial recovery but also encourage meaningful corporate reforms and reinforce sound governance practices. The Task Force is chaired by Partners Carol C. Villegas and Domenico “Nico” Minerva, who have led some of the Firm's most significant matters involving corporate accountability and governance reform.
FlexTrade Expands Portfolio Risk and Analytics Capabilities Through Strategic Partnership with Portx13.7.2026 16:30:00 EEST | Press release
FlexTrade Systems (@FlexTrade), a global leader in multi-asset execution and order management systems, and Portx, an advanced portfolio construction and analytics provider, today announced the integration of Portx’sreal-time portfolio construction, optimization, and risk analytics capabilities into FlexTrade’s integrated buy-side order and execution management system (OEMS), FlexONE. The partnership comes as buy-side firms place greater emphasis on real-time risk management across increasingly complex portfolios, advanced hedging strategies, and supporting operating models. For hedge funds and institutional asset managers, particularly those running multi-strategy or multi-asset approaches, the ability to assess portfolio risk, review pro forma exposures, and act on those insights within the order and execution management workflow is becoming increasingly important. FlexTrade's integration with Portx builds on FlexONE's existing real-time front-office risk analytics capabilities, inclu
Xsolla Connect Returns to Brighton13.7.2026 16:22:00 EEST | Press release
Xsolla, a global video game commerce company, today announced the launch of an exclusive networking event for the UK game development community, Xsolla Connect, taking place with Develop:Brighton 2026 on July 15, 2026. Designed to bring together independent and mid-tier developers, publishers, investors, and industry professionals, the event will offer a focused evening of meaningful connections and actionable insights at one of the UK’s most important annual games gatherings. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713748542/en/ Graphic: Xsolla Develop:Brighton has long served as a cornerstone of the European video games industry, drawing developers, publishers, investors, and studio leaders from across the UK and beyond to share knowledge, explore opportunities, and forge lasting business relationships. Xsolla’s event will build on that momentum by providing attendees with a dedicated space to connect with peers
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