Len Costa

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Len Costa is head of innovation and emerging media at CFA Institute, where he oversees global social media, mobile products, and digital content strategy. He previously served as director of interactive media at the Institute for Private Investors (IPI), a peer networking organization for ultra-high-net-worth families and their advisors. Mr. Costa also wrote a private wealth column for the Financial Times and, prior to joining IPI, held senior editorial positions at Institutional Investor and Worth magazines. In addition to these publications, his writing has appeared in Forbes, Fortune, Slate, and The New York Times. Mr. Costa earned a BA from the University of Virginia, a diploma in French language from the Université de Paris, and a master’s degree in international affairs from Columbia University.

Chasing Warren Buffett’s Alpha

Warren Buffett at the New York premiere of "Wall Street: Money Never Sleeps."

From 1976 to 2011, Warren Buffett delivered an average annual return of 19% in excess of the Treasury bill rate, versus a 6.1% excess return for the stock market. A new paper by a trio of money managers at AQR Capital Management aims to explain how he does it. Read more

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Do Buy-Side Investment Recommendations Add Value?

Are Buy Side Investment Analysts Worth Their Salt?

Large sample studies of buy-side investment recommendations have been virtually impossible to execute due to a lack of data. But a new research paper relies on a novel data set compiled by the private social networking website SumZero to show that buy-side stock picks influence asset prices by bringing new information to the marketplace. The authors also find evidence of “wealth transfers” flowing from the broader institutional marketplace to the investment firms represented on SumZero. Read more

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