Financial Goals Calculator References

The core technology behind Financial Goals CalculatorTM features mathematical innovations in long-term risk-return mathematics introduced by Dr. Richard Michaud, New Frontier Chief Executive Officer, and refined over five decades of asset management in practice. Below is a selection of research from Dr. Michaud, offering a deep dive into the foundations of the Financial Goals Calculator tool. 

  1. 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
  2. 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
  3. 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.
  4. 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
  5. 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
  6. 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
  7. 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