Economic and Financial Theory Has Been in Error for More than 60 Years...


There is a foundational crisis in professional asset management.  Investors are increasingly adopting minimal cost no-information index and factor fund strategies.  This is because little if any evidence exists for superior cost- and risk-adjusted professional asset management performance of over investment-relevant horizons.  The text argues that economic and financial theory have been in error for more than sixty years and is the cause of ineffective investment technology.  Social science is preference theory not physics.  Finance’s Wrong Turns offers a unique philosophical perspective of modern finance and financial markets.  Drawing on contemporary sociological principles, and his decades of experience as asset manager and institutional strategist, Michaud invites analysts, advisors, and institutional portfolio managers to consider a new framework for improved asset management. 

In his book, Dr. Michaud will:

· Trace the major historical developments of institutional asset management practice and its limitations.  

· Narrate professional asset management practice.   

· Describe the key contemporary principles of human cognition and rational decision making.

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New Frontier Institute and CFA Society Boston ©Distinguished Lecture Series

New Frontier Institute and CFA Society Boston and were proud to present our 2021 © Distinguished Lecture Series of highly topical presentations by widely acknowledged authorities on issues of particular interest to asset management practitioners. The Series consisted of four monthly lectures beginning in February and ending in May 2021. The presentations included an analysis of the pension fund management crisis, the surprising long-term performance of equities, defining ESG for asset management, and the latest research in cryptocurrencies.

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