This is a wonderful book for someone who finds himself on an investment committee and has little experience with institutional investing. It tells you more than how to select a manager, literally walking you through the investing process. It covers how to write an investment policy, how to hold investment committee meetings, how to conduct a manager search, how to evaluate performance, and more. Both equities and fixed income are covered. A lengthy chapter on alternative investments has a bit of a "bandwagon" feel, but this is my only criticism of this outstanding book for novices. On the specific topic of manager selection, Travers (2004) is more in-depth ...