1. The 'Fundamental Law of Active Management' Is No Law of Anything
    The authors challenge Grinold and Kahn's Fundamental Law of Active Management.
  2. Gold as a Strategic Asset
    This paper examines the case for gold as a long-term or strategic investment for U.S. institutional investors.
    Authors: Richard O. Michaud, Robert O. Michaud, & Katharine Pulvermacher
    Publication: World Gold Council, September 2006
  3. Return Objective for Social Security Private Accounts: A Review of the President's Commission Investment Alternatives
    The authors analyze the return objectives of the accounts proposed by the President’s Commission on Social Security Reform.
    Authors: Richard O. Michaud, Robert O. Michaud & Noah Kraut
    Publication: February 2005 Newsletter
  4. Twenty Years of International Equity Investing
    Marketplace evidence from the 1970s to the 1990s indicates that thoughtful international equity diversification can improve the risk/return characteristics of investors’ portfolios.
    Author: Richard O. Michaud
    Publication: The Journal of Portfolio Management. Fall 1996
  5. Currency Hedging Policy
    This article reviews and discusses five important hedging theories.
    Author: Richard O. Michaud
    Publication: October 1, 1994
  6. Are Long-Short Equity Strategies Superior?
    Claims of superiority of long-short investing often reflect misunderstandings of basic concepts of modern investment management and may result in unrealistic expectations.
    Author: Richard O. Michaud
    Publication: Financial Analysts Journal. November/December 1993
  7. Dividend Tilt Portfolios, The Tax Effect and Misspecified Returns
    Dr. Michaud examines and discusses the relationship between dividend yield and stock returns.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, August 1979
  8. The Actuarial Interest Rate as an Investment Objective
    Dr. Michaud questions the frequent use of a pension plan's actuarial interest rate in defining investment strategies and asset mixes. 
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, September 1979
  9. Market Inefficiency and Asset Pricing Theory: Recent Trends II
    Dr. Michaud discusses a survey of studies challenging Efficient Market Hypothesis.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, June 1979
  10. Market Inefficiency and Asset Pricing Theory: Recent Trends III
    Dr. Michaud discusses two papers which test the Efficient Market Hypothesis.
    Author: Richard O. Michaud
    Publication: Heard on the Random Walk, Bache, NYC, July 1979