I found the following response to this question from Michelin on a Classic bike forum and I must say it came as a surprise to me, if it is to be believed, I can't count the years I've been doing it wrong!
Thanks for choosing Michelin inner tubes for your bike.
The inner tube is installed with the conical washer sitting between the inner tube and wheel rim. On a road bike the first lock nut should then be run down to lightly touch the rim, and then backed off by half a turn. The second lock nut is run down until it meets the first one, then the two nuts should be locked together by using spanners to rotate them in opposite directions.
I hope that this helps,
Best regards,
Tony Charlton
2w Customer Engineering Support – Operational Marketing[/i]