There is a foundational crisis in financial theory and professional investment practice that cannot be ignored any longer. Investment industry professionals must acknowledge there is little, if any, credible evidence that active investment strategies and traditional institutional quantitative technologies are able to provide superior risk-adjusted, cost-adjusted returns over relevant time horizons.
Dr. Richard Michaud
Richard O. Michaud, is President, Founder, and Chief Executive Officer of New Frontier Advisors. He earned a PhD in Mathematics and Statistics from Boston University, USA and has taught investment management at Columbia University, USA. 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 (with Robert Michaud), Investment Styles, Market Anomalies, and Global Stock Selection, and over 60 published journal articles, manuscripts, and white papers. 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.