Brian Portnoy, Ph.D., CFA, has been successfully researching, advising, and investing in hedge funds and mutual funds for the past fourteen years. He is currently the Head of Alternative Investments and Strategic Initiatives for Chicago Equity Partners, a $10 billion asset manager. Previously, Brian held senior roles at Mesirow Advanced Strategies and Morningstar, the world's premier research shop on mutual funds. He has spoken at numerous investing conferences across the U.S., Europe, and Asia, has appeared frequently on CNBC and CNN, and has been quoted in major publications, including the Wall Street Journal and the New York Times. Prior to his investing career, Brian pursued his research and teaching interests in political economy and markets at the University of Chicago, where he earned his Ph.D. in 2000. Brian is a CFA Charterholder and a member of the CFA Society of Chicago.

• Preface: The Trillion Dollar Job No One Talks About PART I. CONTEXTS 1. Introduction: Picking Winners 2. The Science (and Art) of Being Wrong 3. Alternative States PART II. TOOLS 4. Managing Expectations 5. Madoff's Hobgoblins 6. The Devil(s) You Know 7. Touring Lake Wobegon PART III. EXTENSIONS 8. The Social Network 9. Gorillas in the Mist 10. Mirror, Mirror 11. Conclusion: More

Brian Portnoy, Ph.D., CFA, has been successfully researching, advising, and investing in hedge funds and mutual funds for the past fourteen years. He is currently the Head of Alternative Investments and Strategic Initiatives for Chicago Equity Partners, a $10 billion asset manager. Previously, Brian held senior roles at Mesirow Advanced Strategies and Morningstar, the world's premier research shop on mutual funds. He has spoken at numerous investing conferences across the U.S., Europe, and Asia, has appeared frequently on CNBC and CNN, and has been quoted in major publications, including the Wall Street Journal and the New York Times. Prior to his investing career, Brian pursued his research and teaching interests in political economy and markets at the University of Chicago, where he earned his Ph.D. in 2000. Brian is a CFA Charterholder and a member of the CFA Society of Chicago.

• Preface: The Trillion Dollar Job No One Talks About PART I. CONTEXTS 1. Introduction: Picking Winners 2. The Science (and Art) of Being Wrong 3. Alternative States PART II. TOOLS 4. Managing Expectations 5. Madoff's Hobgoblins 6. The Devil(s) You Know 7. Touring Lake Wobegon PART III. EXTENSIONS 8. The Social Network 9. Gorillas in the Mist 10. Mirror, Mirror 11. Conclusion: More

Brian Portnoy, Ph.D., CFA, has been successfully researching, advising, and investing in hedge funds and mutual funds for the past fourteen years. He is currently the Head of Alternative Investments and Strategic Initiatives for Chicago Equity Partners, a $10 billion asset manager. Previously, Brian held senior roles at Mesirow Advanced Strategies and Morningstar, the world's premier research shop on mutual funds. He has spoken at numerous investing conferences across the U.S., Europe, and Asia, has appeared frequently on CNBC and CNN, and has been quoted in major publications, including the Wall Street Journal and the New York Times. Prior to his investing career, Brian pursued his research and teaching interests in political economy and markets at the University of Chicago, where he earned his Ph.D. in 2000. Brian is a CFA Charterholder and a member of the CFA Society of Chicago.

• Preface: The Trillion Dollar Job No One Talks About PART I. CONTEXTS 1. Introduction: Picking Winners 2. The Science (and Art) of Being Wrong 3. Alternative States PART II. TOOLS 4. Managing Expectations 5. Madoff's Hobgoblins 6. The Devil(s) You Know 7. Touring Lake Wobegon PART III. EXTENSIONS 8. The Social Network 9. Gorillas in the Mist 10. Mirror, Mirror 11. Conclusion: More