Input Estimation Articles

1. Are Good Estimates Enough?
   Markowitz optimization has been the standard, but it does not correct for estimate uncertainty.
   Author: Richard Michaud and Robert Michaud
   Publication: Investment Management Consultants Association. January/February 2009
   
2. Estimation Error and Portfolio Optimization
   Richard Michaud and Robert Michaud review and update the optimization information introduced in Efficient Asset Management.
   Author: Richard Michaud and Robert Michaud
   Publication: JOIM First Quarter 2008
3. 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
4. Forecast from the Past
   Many financial planners may not fully understand the limitations of traditional estimation methods when using historical data to create an optimal portfolio. Employing James-Stein estimation techniques is one way of grappling with these limitations.
   Authors: Richard O. Michaud & C. Michael Carty
   Publication: Financial Planning Magazine. November 1, 1999