0 item(s) ($0.00)
Become a CFA Boston Member
Programs & Events
Other Services
Event Details

Event Registration - Finance's Wrong Turn: A Revisionist View of Modern Finance in Practice

images/Events/CFA_Boston_RGB.jpg
Date:
Tuesday, March 06, 2018
Time:
5:30 PM - 7:00 PM Eastern Standard Time
A Revisionist View of Modern Finance in Practice
Richard O. Michaud, Ph.D., New Frontier Advisors, LLC

Can we divine a reasonable path forward given an understanding of where we’ve been? There is arguably one fundamental conundrum of modern finance. In practice, there is a [complete] lack of credible evidence that any investment strategy can provide risk-adjusted, cost-effective, superior performance relative to an appropriate index or investment objective over a sustainable horizon. Is this ineffectiveness due to limitations of financial theory, investment technology, or fundamental capital market conceptual errors?

This course will argue that all three are contributing factors: 1) ´utility preference financial theory’ is inconsistent with axioms of institutional security pricing; 2) ´investment technology’ is often inconsistent with modern statistics and a reasonable understanding of risk versus uncertainty; 3) ´capital market theory’ is inconsistent with a Keynesian-Markowitz sociological framework of rational but inefficient markets. Dismissal of ineffective canons of contemporary management allows us to develop and implement new tools and likely more effective conceptual frameworks in practice.

Agenda:
  • Tuesday, March 6 from 5:30 PM to 7:00 PM:
    Markowitz, the birth of modern finance, and finance’s wrong turn
  • Tuesday, March 13 from 5:30 PM to 7:00 PM:
    The institutional quantitative management revolution
  • Tuesday, March 20 from 5:30 PM to 7:00 PM:
    Foundational limitations of 20th century financial theory
  • Tuesday, March 27 from 5:30 PM to 7:00 PM:
    Statistical limitations of 20th century quantitative practice
  • Tuesday, April 3 from 5:30 PM to 7:00 PM:
    Keynes-Markowitz rational inefficient markets and enhanced quantitative tools

Who should attend:
Finance professionals with the desire and interest to learn about provocative new ideas. Attendees should have familiarity with the Markowitz frontier, CAPM, and quantitative practice and concepts. A minimum of CFA Level I is sufficient.

Dr. Richard Michaud is President and CEO of New Frontier Advisors, LLC. He earned a PhD in Mathematics from Boston University and has taught investment management at Columbia University. He is the author of Efficient Asset Management (Harvard 1998, 2nd ed. Oxford 2008 with Robert Michaud), a CFA Research Monograph (1999) on Global Asset Management, and numerous academic and research articles. He is co-holder of four U.S. patents in portfolio optimization and asset management, a Graham and Dodd Scroll.

Attendees must register for the entire series. Participants will receive 7.5 CE credits for completing this course.
Address:
Putnam Investments
1 Post Office Square
Boston, MA 02109
Description:Members $150.00
Non-Members $250.00
CE CreditAttendees must register for the entire series. Participants will receive 7.5 CE credits for completing this course.
You must be logged in to register. After logging in your browser will return to this page.