Richard O. Michaud and Robert O. Michaud were awarded a patent for a mathematical process called portfolio optimization by means of resampled efficient frontiers. The process was designed to enhance the investment value of equity portfolios and asset allocations by determining when trading is required.
New Frontier Advisors, the company founded in 1999 by Richard Michaud and Matthew V. Pierce, acquired worldwide licensing rights. It offers access to the process under the name the ROM Optimizer. In addition to optimization, the patent covers a mathematical process for determining when portfolios need to be rebalanced.