Dr. Richard Michaud
President and CEO
New Frontier

Dr. Richard Michaud is President and Chief Executive Officer of New Frontier. He earned a PhD in Mathematics from Boston University and has taught investment management at Columbia University. His research and consulting has 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 and, as well as on the New Frontier website. He is 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 the WatersTechnology cover story "Rebel Math" (January 2019). Notable press articles also include "Modern Portfolio Theory’s Evolutionary Road" (Institutional Investor 2010) and “Markowitz says Michaud has built a better mousetrap” (Pensions & Investments 2003).

Published Work

  1. Michaud, Richard O., Robert O. Michaud and David N. Esch, “Estimation Error and the Fundamental Law of Active Management,” (September 2018).
  2. Michaud, Richard O., Robert O. Michaud and David N. Esch, "Comment on 'Markowitz versus Michaud: Portfolio Optimization Strategies Reconsidered,' Becker, Gürtler and Hibbeln," European Journal of Finance, 21(4): (2015).
  3. Michaud, Richard O., David N. Esch and Robert O. Michaud, "Deconstructing Black-Litterman: How to Get the Portfolio You Already Knew You Wanted,” Journal Of Investment Management, Vol. 11 No. 13 (2013). 
  4. Michaud, Richard O., Robert O. Michaud and David N. Esch, “Portfolio Monitoring in Theory and Practice,” Journal Of Investment Management, Vol. 10 No. 4 (2012). 
  5. Michaud, Richard O. and David N. Esch, “Morningstar vs. Michaud Optimization,” New Frontier Newsletter (September 2012).
  6. Michaud, Richard O., JOIM Conference Series: Dr. Harry M. Markowitz Interview with Dr. Richard O. Michaud, San Diego, March 6, 2011 Conference Summaries. Journal Of Investment Management, Vol. 9 No. 4 (2011).
  7. Michaud, Richard O. and Robert O. Michaud, “The Problem with Target Date Funds,” Investment News, (May 2010).
  8. Michaud, Richard O. and Robert O. Michaud, “Target date funds aren’t a panacea,” Investment News, (May 2010).
  9. Michaud, Richard O. and Robert O. Michaud, “Are Good Estimates Enough? No.," Investment Management Consultants Association (2009).
  10. Michaud, Richard O. and Robert O. Michaud, “Discussion on article by Campbell R. Harvey, John C. Liechty and Merill W. Liechty, Bayes vs. Resampling: A Rematch," Journal Of Investment Management, Vol. 6 No. 3 (2008).
  11. Michaud, Richard O. and Robert O. Michaud, Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation, Second Edition (2008), Oxford University Press.
  12. Michaud, Richard O. and Robert O. Michaud, "Defense of Markowitz-Usmen," New Frontier Advisors’ Newsletter 1st Quarter (2008).
  13. Michaud, Richard O. and Robert O. Michaud, “Estimation Error and Portfolio Optimization: A Resampling Solution,” Journal Of Investment Management, Vol. 6 No. 1 (2008).
  14. Michaud, Richard O., Robert O. Michaud and Katharine Pulvermacher, “Gold as a Strategic Asset,” World Gold Council, (2006).
  15. Michaud, Richard O., “A Practical Framework for Portfolio Choice,” Journal Of Investment Management, Vol. 1 No. 2 (2003).
  16. Michaud, Richard O. and Robert O. Michaud, “Portfolio Resampling: Review and Critique," Financial Analysts Journal, Vol. 3 (2003).
  17. Michaud, Richard O., “An Examination of Resampled Portfolio Efficiency: A Comment,” Financial Analysts Journal, Vol. 1 (2003).
  18. Michaud, Robert O. and Richard O. Michaud., "Resampled Portfolio Rebalancing and Monitoring,” New Frontier Advisors’ Newsletter 4th Quarter, (2002).
  19. Michaud, Richard O., “An Introduction to Resampled Efficiency,” New Frontier Advisors’ Newsletter 3rd Quarter (2002).
  20. Michaud, Richard O., “A Better Way to Use Information,” European Pensions & Investment News (July 9, 2001).
  21. Michaud, Richard O., “Out-Of Sample Tests of Resampled Efficiency,” European Pensions and Investment News (June 25, 2001).
  22. Michaud, Richard O., “A New Design for Portfolios,” Bloomberg Personal Finance Magazine (July/August 2000).
  23. Michaud, Richard O., "New View of Mean Variance," Financial Planning Magazine (September 1, 1999).
  24. Michaud, Richard O. and Michael C. Carty, "Forecast from the Past,” Financial Planning (November 1999).
  25. Michaud, Richard O., “Investment Styles, Market Anomalies, and Global Stock Selection,” The Research Foundation of the Institute of Chartered Financial Analysts (January 1999).
  26. Michaud, Richard O., “Is Value Multidimensional? Implications for Style Management and Global Stock Selection,” Journal of Investing (Spring 1998).
  27. Michaud, Richard O., Gary L. Bergstrom, Ronald D. Frashure and Brian Wolahan, “Twenty Years of International Equity Investing,” Journal Of Portfolio Management, Vol. 23 No. 1 (1996).
  28. Michaud, Richard O., “Are Long-Short Equity Strategies Superior?” Financial Analysts Journal, Vol. 49 No. 6 (1993).
  29. Michaud, Richard O., "Demystifying Multiple Valuation Models,” Financial Analysts Journal (Jan/Feb 1990).
  30. Michaud, Richard O., “The Markowitz Optimization Enigma: is 'Optimized' Optimal?” Financial Analysts Journal (1989).
  31. Michaud, Richard O., “Pension Policy and Benchmark Optimization,” Investment Management Review, 3(8): (1989).
  32. Michaud, Richard O., “Economic Surplus and Pension Asset Management,” (1989).
  33. Michaud, Richard O., “A Scenario-Dependent Dividend Discount Model: Bridging the Gap between Top-Down Investment Information and Bottom-Up Forecasts,” Financial Analysts Journal (Nov/Dec 1985).
  34. Michaud, Richard O., “Valuation Model Bias and the Scale Structure of Dividend Discount Returns,” Journal of Finance, Vol. 37 No. 2 (1982).
  35. Michaud, Richard O., “Risk Policy and Long-Term Investment,” Journal of Financial and Quantitative Analysis, Vol. XVI No. 2 (1981).
  36. Michaud, Richard O., “The Actuarial Interest Rate as an Investment Objective,”  Bache (September 13, 1979).
  37. Michaud, Richard O., "Risk and Compound Return,” Seminar on the Analysis of Security Prices (May 13-14, 1976).
  38. Michaud, Richard O., "Pension Fund Financial Planning,” Paper Presented to: The Institute for Quantitative Research in Finance, May 2-5, 1976, Scottsdale, Arizona.
  39. Michaud, Richard O, “Best Rotated Approximation," Boston University Research Report (October 1971).



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