Financial Planning
- The False Promise of Target Date Funds (available from Journal of Indexes)
This article examines the impact of the glide path, typical in Target date funds, on the expected terminal wealth. Most glide paths are far too steep and should maintain more risky assets up to the retirement date. Author: David Esch Publication: Journal of Indexes, February 14, 2014. - Target Date Funds Aren't a Panacea
This article points out the flaws of target date funds; it echoes New Frontier testimony to the DOL/SEC hearings. (requires login to Investment News)
Authors: Richard O. Michaud & Robert O. Michaud
Publication: Investment News, May 2, 2010 - Strategic Investment Distribution Strategy
Written for the launch of Genworth/AssetMark's Retirement Distribution Strategies, this white paper summarizes the results of NFA's research into investment distribution strategies.
Authors: Richard O. Michaud & Robert O. Michaud
Publication: October 2006 - A Practical Framework For Portfolio Choice
The distribution of the multiperiod geometric mean within a financial planning context can be the framework for choosing among a properly defined efficient portfolio set for many applications of interest in investment practice.
Author: Richard O. Michaud
Publication: Journal Of Investment Management. Second Quarter 2003 - Resampled Efficiency For Financial Planning and Return Forecasting
An examination of the effect of forecast certainty level indicate that the enormous effort focused on input estimation by many managers and institutions without Resampled Efficient Optimization is misplaced and likely to be ineffective.
Authors: Richard O. Michaud & Robert O. Michaud
Publication: August 2003 Newsletter - Time Option Rebalancing
Portfolio rebalancing is one of the most important investment management activities.
Author: Richard O. Michaud
Publication: Acadian Asset Management white paper September 1990 - Risk Policy and Long-Term Investment
This paper explores the relationship between the geometric mean and terminal wealth distribution.
Author: Richard O. Michaud
Publication: Journal of Financial and Quantitative Analysis. June 1981 - Optimal Multiperiod Mean-Variance Portfolio Growth Investment Policy
This working paper examines the problem of defining an optimal multiperiod investment policy with respect to the mean-variance efficient frontier.
Author: Richard Michaud
Date: January 1986 - Risk and Compound Return
This article clarifies the long term risk-return relationship for rational portfolio decision making and develops new tools for analyzing the consequences of a long term investment policy.
Author: Richard O. Michaud.
Publication: Seminar on the Analysis of Security Prices. May 13, 1976. - Pension Fund Financial Planning
This article analyzes pension plans in the mid-1970s, setting investment objectives and projecting pension liabilities and cash flow requirements.
Author: Richard O. Michaud
Publication: The Institute for Quantitative Research in Finance. May 5, 1976