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
Hitachi Report Examines Readiness for Physical AI in Industrial Companies22.10.2026 15:00:00 EEST | Press release
Hitachi, Ltd. (TSE:6501, "Hitachi") announced the release of its physical AI survey-based research report, Beyond the Pilot: Industry’s Physical AI Progression. The company surveyed over 200 global decision-makers from organizations operating in mission-critical industrial sectors including energy, manufacturing, transportation and logistics. The report explores how businesses today adopt AI in industrial use-cases, where they see the greatest value, and what it will take to scale toward physical AI deployments. Readers will gain practical insights on how to accelerate AI adoption while improving competitiveness, productivity, and long-term business performance. After successfully transforming knowledge work, AI is now entering the physical systems that form society’s backbone: energy, industrial, and mobility infrastructure, to name a few. Given these systems’ reliability, safety, and regulatory requirements, there is no room for AI hallucinations. In short, AI technology applied to t
Datavault AI Signs Non-Binding Letter of Intent to Acquire a 19.9% Equity Stake in DataMEDS AI in Consideration of an Expanded Technology License22.10.2026 15:00:00 EEST | Press release
Datavault AI Inc. (“Datavault AI” or the “Company”) (Nasdaq: DVLT), an Artificial Intelligence Platform (“AIP”) company providing data monetization, credentialing, and real-world asset (“RWA”) tokenization, today announced that it has entered into a non-binding letter of intent (“LOI”) to acquire a 19.9% equity interest in DataMEDS AI, Inc. (NASDAQ: MEDS) (“DataMEDS”) in consideration of an expansion of its existing technology license with DataMEDS. The proposed transaction is subject to completion of due diligence and negotiation of definitive agreements and will be subject to customary closing conditions for a transaction of this nature. The proposed transaction is structured to provide Datavault AI with the opportunity to obtain an equity interest in DataMEDS while preserving ownership of its underlying intellectual property. In exchange for expanding its existing technology license, Datavault AI expects to receive a 19.9% equity interest in DataMEDS on a fully diluted basis, with t
Megaport Expands AWS Connectivity With AWS Interconnect to Simplify How Customers Connect Their Infrastructure22.10.2026 15:00:00 EEST | Press release
Megaport Limited (ASX: MP1) (“Megaport”), a leading global automated infrastructure platform, today announced support for AWS Interconnect, a new managed connection model from Amazon Web Services (AWS) designed to simplify how businesses connect their infrastructure to AWS. AWS Interconnect from Megaport gives enterprises and AI infrastructure providers an automated connectivity option as their requirements grow beyond traditional AWS Hosted Connections. MACsec encryption and four redundant links across two sites will be included as part of the service at general availability, with customers able to select connection speeds from 1 Gbps to 100 Gbps. Customers can start an order for AWS Interconnect - last mile from either the Megaport Portal or AWS Management Console and complete it from the other. AWS and Megaport then automate the underlying network configuration, including VLANs, IP subnets, MTU, and BGP. This removes the need for customers to arrange the port, letter of authorizatio
Scientist.com Launches Agentic AI Platform for Research Procurement22.10.2026 14:55:00 EEST | Press release
Scientist.com, the leading R&D orchestration platform and marketplace, today announced new agentic AI capabilities that enable scientists to move directly from experimental protocols to qualified laboratory providers and purchase orders. The platform uses AI agents to identify required services, match suitable laboratories, compare proposals, and manage purchasing through existing enterprise procurement workflows. Through Model Context Protocol (MCP), Scientist.com enables external AI assistants, such as Claude, to discover suppliers and initiate research procurement workflows directly. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261022796429/en/ Scientist.com uses AI agents to identify platform users' required research services, match suitable laboratories, compare proposals, and manage purchasing through their existing enterprise procurement workflows. From Scientific Protocol to Qualified Laboratory Scientist.com's age
NIQ Expands ConnectAI Charter Program with Mars Snacking22.10.2026 13:45:00 EEST | Press release
NielsenIQ (NYSE: NIQ), a leading consumer intelligence company, today announced Mars as a new ConnectAI Charter client, expanding the program’s growing roster of global companies working with NIQ to build the intelligence foundation for amplifying enterprise AI workflows. Through the ConnectAI Charter Program, NIQ forward-deployed engineers and data scientists are working with Mars to embed NIQ intelligence in the expansion of AI-enabled workflows across its business. The engagement focuses on connecting NIQ data, models, and business context with Mars’ AI ecosystem to help reduce the distance between data and decision-making. Together, they are tackling use cases like conversational analytics and harmonized product data to lay the foundation for future use cases. “As we expand the use of AI across our business, we see an opportunity to bring decision-makers closer to insight and reduce the manual effort between data and action," said Rishi Padhi, SVP and Chief Digital and Information
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