MA-NEW-FRONTIER
9.1.2023 15:34:36 CET | 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/
About Business Wire
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
DCX Launches Comprehensive ECDU Portfolio – Enterprise-Class Coolant Distribution Units From 600 kW to 2.6 MW11.3.2026 16:34:00 CET | Press release
DCX Liquid Cooling Systems today unveiled its new ECDU (Enterprise Coolant Distribution Unit) platform, a family of three purpose-built CDU models that deliver real cooling capacities from 600 kW to 2.6 MW in industry-standard rack and in-row footprints. The portfolio has been engineered specifically for the accelerating transition to direct-to-chip liquid cooling in high-density enterprise, colocation, cloud, and hyperscale AI environments where thermal stability, uptime, and cost-efficiency are non-negotiable. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260311214891/en/ DCX ECDU, the new generation of Enterprise Coolant Distribution Units dedicated to HPC and AI deployments. The lineup consists of: Enterprise ECDU 1380/2600 V1 - Delivers 1.38–2.6 MW of actual cooling capacity (based on real-world secondary-loop conditions). Single-pump configuration reaches flow rates up to 3,333 liters per minute (lpm). Mission Critica
Andersen Global udvider sin afrikanske tilstedeværelse med tilføjelsen af Bravura11.3.2026 15:30:00 CET | Pressemeddelelse
Andersen Global styrker sin tilstedeværelse i Afrika gennem en samarbejdsaftale med Bravura, en førende uafhængig skatte- og finansrådgivningsvirksomhed med base i Sydafrika og Namibia. Bravura blev stiftet i 1999 og leverer skattemæssig og finansiel rådgivning til børsnoterede og private virksomheder, iværksættere og kapitalstærke familier i hele regionen. Bravura kombinerer dyb finansiel ekspertise med en entreprenant tankegang med henblik på at levere skræddersyede, værdiskabende strategier. Virksomhedens tværfaglige team yder rådgivning inden for fusioner og opkøb, kapitalrejsning, omstrukturering af selskaber og successionsplanlægning. Derudover tilbyder firmaet løsninger inden for skatte- og regnskabsstrategi, international skattestrukturering, global mobilitet og overholdelse af valutakontrolregler. "Hos Bravura arbejder vi for at omdefinere standarder og levere skræddersyede, resultatorienterede løsninger, der skaber varig værdi for vores kunder," udtalte Ian Matthews, chef for
Laserfiche Earns 5-Star Rating in the 2026 CRN® Partner Program Guide11.3.2026 15:00:00 CET | Press release
Laserfiche — the leading SaaS provider of intelligent content management — has been honored by CRN®, a brand of The Channel Company, with a 5-Star Award in the 2026 CRN Partner Program Guide. This annual guide is an essential resource for partners seeking vendor partner programs that match their business goals and deliver high partner value. As organizations navigate growing pressure to increase productivity and respond to regulatory change, Laserfiche’s AI-powered document management solutions enable users to transform operations and achieve meaningful business results at scale. Partners that innovate with Laserfiche solutions have the opportunity to grow profits through the Laserfiche Partner Program, which equips them with the tools and resources needed to deliver customer success. Laserfiche’s partner ecosystem drives sustainable growth, delivers differentiated solutions and maximizes opportunities for both partners and their customers. Laserfiche provides comprehensive AI and clou
I-Pulse Launches iTerra Pulsed Power Solution for Weed Control Without Chemicals11.3.2026 14:30:00 CET | Press release
iTerra is developing a non-chemical alternative to herbicidesiTerra combines high pulsed power and AI for weed control to support healthier crops I-Pulse Co-Founder, Chairman, and CEO Robert Friedland, I-Pulse Co-Founder and Chief Technology Officer, Laurent Frescaline, and iTerra CEO, Romain Leray, are pleased to announce the launch of iTerra, an agricultural technology subsidiary dedicated to non-chemical weed control within I-Pulse, the world leader in pulsed power technologies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260311080724/en/ iTerra leverages I-Pulse’s proprietary high pulsed power technology to eliminate weeds at the root without harming crops, disrupting soil microbiology, or leaving chemical residues. Using AI-driven detection with accuracy rates of up to 95% in early trials, the system targets each weed individually with controlled, high-energy pulses lasting just five milliseconds. The treated weeds r
Canva Introduces Magic Layers, Turning Static AI Outputs Into Editable Designs11.3.2026 14:00:00 CET | Press release
Breakthrough in Canva Design Model now unlocks ability to transform flat content and images into layered and fully editable designs Canva, the world's leading all-in-one visual communication platform, today unveiled Magic Layers, a new breakthrough technology that turns any flat design or image into something you can edit, refine, and remix to suit your vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260311951174/en/ Magic Layers is a new breakthrough technology that turns any flat design or image into something you can edit, refine, and remix to suit your vision. Generative AI has triggered a flood of visual content, but most of it remains locked in static image files. Even small changes can require starting over, with reprompts that can unintentionally alter the entire design. Powered by years of internal research and Canva’s growing investment in its AI development arm, Magic Layers ushers in a new era of editable
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