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
Klarna has received a favorable ruling in PriceRunner litigation, awarding damages of $1.97 billion1.7.2026 14:19:00 EEST | Press release
Klarna Group plc (NYSE: KLAR) today announces that the court has ruled in PriceRunner’s favor, awarding $1.97 billion in damages in an antitrust case brought by PriceRunner against Google. The award compensates for lost revenue caused by Google's preferential treatment of its own comparison-shopping service over independent price-comparison services, conduct that also drives up costs for consumers. "When markets work well, everyone benefits. Consumers get higher quality at lower cost, companies stay focused on serving customers rather than defending position, and society is better off for it. This ruling supports a healthier, more competitive market for the way people compare products and services — and that is good for everyone who shops," said Dan Greaves, Head of Communications and Policy, Klarna. Klarna acquired PriceRunner in 2022 to add rich product discovery, price comparisons, and product reviews to the Klarna app, and drive high-intent traffic to retail partners. Klarna has si
Objectway Acquires Swiss Private Banking Technology Business From FNZ to Strengthen Its Pan-European Positioning1.7.2026 14:10:00 EEST | Press release
Objectway, a global wealthtech partner for banking, wealth and asset management firms, today announced the acquisition from FNZ of their Swiss private banking technology business FNZ Switzerland SA (formerly operating as New Access). The business will now be operated under the Objectway Switzerland brand. Objectway welcomes a team of over 160 professionals, bringing their expertise and professionalism honed in developing innovative, award-winning solutions for over 40 private banks. The acquisition is a significant step in Objectway’s growth strategy, reinforcing its commitment to expanding its presence in key international wealth hubs such as Switzerland, Liechtenstein, Luxembourg, Monaco and the Bahamas, where the newly joined business already serves both domestic and international cross-border clients. The agreement further expands Objectway’s scalable core-to-digital capabilities supporting end-to-end private banking operations, while leveraging an international team and operationa
NIQ Completes Acquisition of Flywheel’s China and Southeast Asia eCommerce Data & Insights Business, Expanding Digital Commerce Intelligence Capabilities1.7.2026 14:00:00 EEST | Press release
NielsenIQ (NYSE: NIQ), a leading consumer intelligence company, today announced that it has completed the acquisition of Flywheel’s China and Southeast Asia eCommerce Data & Insights business. The acquired business operates in China under the YiMian (“一面”) brand and is a leading provider of eCommerce, social commerce, and digital shelf solutions. The acquisition expands NIQ’s capabilities across China and Southeast Asia and strengthens its ability to measure and understand consumer behavior across retail, eCommerce, social commerce, and digital environments — advancing NIQ’s mission to deliver The Full View™, the most complete understanding of consumer behavior across online and offline channels. It also enhances NIQ’s data and analytics foundation by expanding access to rich digital commerce signals that support the development of more advanced analytics and AI-powered solutions. By bringing together NIQ’s global intelligence, analytics, and retail measurement capabilities with the ac
Azalea Vision Awarded Prestigious EIC Accelerator Funding to Advance Smart Contact Lens into Clinical Development1.7.2026 14:00:00 EEST | Press release
Azalea Vision, a Belgian healthtech company building the first medical-grade smart contact lens, today announced it has been selected for the European Innovation Council (EIC) Accelerator, the European Union’s flagship program for breakthrough, market-creating deep tech. Azalea is the only Belgian company selected in this round and will receive up to €7.5 million, including a non-dilutive €2.5 million grant and a planned €5 million equity investment from the EIC Fund, to advance its medical-grade smart contact lens platform into clinical development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701144267/en/ Azalea Vision Co-founder and CTO Andrés Vásquez Quintero undergoing an on-eye evaluation of the ALMA smart contact lens. Beyond the funding, the award is a strong external endorsement of Azalea’s technology and long-term vision. Built on its proprietary smart contact lens platform, Azalea’s smart lens is designed to
Croma-Pharma Announces FDA Approval of Obagi saypha® ChIQ™ in the United States1.7.2026 13:34:00 EEST | Press release
Wrapping up the first half of 2026 with another important milestone, Croma-Pharma announces the FDA approval of Obagi saypha® ChIQ™ in the United States. Obagi saypha® ChIQ™ injectable hyaluronic acid gel is approved for cheek augmentation and correction of midface contour deficiencies in adults over the age of 21. Developed and manufactured by Croma-Pharma and commercialized by Obagi Medical, a Waldencast company, in the U.S., ChIQ™ follows the approval of Obagi saypha® MagIQ™ in September 2025 and further broadens the availability of Croma's injectable aesthetic solutions in the United States. As demand for minimally invasive aesthetic treatments continues to grow, the approval broadens the range of treatment options available to healthcare professionals and patients seeking safe and natural-looking aesthetic outcomes. "With the approval of ChIQ™, we continue to strengthen the presence of our saypha® portfolio in the United States," said Andreas Prinz, Chief Executive Officer of Crom
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