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
AB InBev Reports Third Quarter 2026 Results29.10.2026 08:01:00 EET | Press release
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD): This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028546637/en/ Regulated and inside information1 “Delivering solid growth today while investing for tomorrow - our portfolio of megabrands and mega platforms continues to win with consumers, and our performance this quarter reflects the strength of our diversified footprint, best-in-class capabilities and consistent execution of our strategy. Thank you to our colleagues around the world for their commitment and dedication as we continue to compound growth and create long-term value.” – Michel Doukeris, CEO, AB InBev Revenue +4.9% Revenue increased by 4.9% in 3Q26 with revenue per hl growth of 4.2% and by 5.4% in 9M26 with revenue per hl growth of 4.3%. Reported revenue increased by 9.1% in 3Q26 to 16 512 million USD and by 10.7% in 9M26 to 48 439 million USD, positively impacted by currency translation. 7.7% in
EIG and Acwa Announce Plenum Power, a Strategic Partnership to Invest in U.S. Power Infrastructure29.10.2026 07:00:00 EET | Press release
EIG, a leading institutional investor in the global energy and infrastructure sectors, and Saudi-listed Acwa, one of the world's largest independent power producers, today announced that they have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028377569/en/ Dr. Samir J. Serhan, Chief Executive Officer of Acwa (left), and R. Blair Thomas, Chief Executive Officer of EIG (right) Building on an established relationship that includes prior collaboration on projects in the Middle East, EIG and Acwa are now partnering to pursue opportunities in the U.S. power sector through Plenum Power. The parties intend for Plenum Power to target a launch with an initial equity commitment of approximately $4 billion. The partnership combines Acwa's global capabilities in developing, financing, constru
Murata Launches World’s Smallest RF / Microwave Coaxial Connectors with a Switch, Cutting PCB Mounting Area by Approximately 40%29.10.2026 04:00:00 EET | Press release
Murata Manufacturing Co., Ltd. (TOKYO: 6981) (ISIN: JP3914400001) has begun mass production of the SWL series MM8330-2600RJ5 and MM8330-2600RK20, the world’s smallest RF / microwave coaxial connectors with a switch*. Measuring just 1.0 mm × 1.0 mm × 0.55 mm, the new connectors reduce PCB mounting area by approximately 40% compared with Murata’s previous SWJ series. When used with dedicated probes, the SWL series reduces its PCB footprint, including the keep-out area, by approximately 60% compared with Murata’s previous SWJ series. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028261665/en/ [Murata Manufacturing Co., Ltd.] RF / microwave coaxial connectors with a switch As wireless devices incorporate more functionality, rising component counts are placing increasing pressure on limited PCB space. RF test connectors require not only mounting area for the connector itself, but also sufficient clearance around the component
FuriosaAI Secures $620 Million Series D to Meet Surging Enterprise AI Inference Demand and Accelerate Next-Gen Silicon29.10.2026 01:57:00 EET | Press release
FuriosaAI, an AI semiconductor company building sustainable, high-performance inference compute for data centers, today announced the completion of its $620 million (KRW 820 billion) Series D round, bringing its post-money valuation to approximately $2.9 billion. The financing marks a major milestone as FuriosaAI scales global commercial deployments of its RNGD AI inference accelerator. FuriosaAI will use the new capital to expand RNGD production, strengthen its software ecosystem, and accelerate development of its third-generation AI accelerator. International investors contributed a total of $110 million to the round, bringing deep expertise across AI semiconductors and computing infrastructure. U.S.-based Infinitum, an investment firm with extensive experience in the AI semiconductor sector, was the largest international investor in the round. Singapore-based QUDA Capital Partners also joined the round. Its Founder and Managing Partner, Charlie Foo, previously held senior leadership
IFF Declares Dividend for Fourth Quarter 202628.10.2026 22:15:00 EET | Press release
IFF (NYSE: IFF) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.40 per share of its common stock, payable on January 13, 2027 to shareholders of record as of December 19, 2026. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, and health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience.Learn more at iff.com, LinkedIn, Instagram and Facebook. © 2026 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved. View source version on businesswire.com: https://www.businesswire.com/news/home/20261028159928/en/
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