a science. Each step in the process-forecasting, portfolio construction, trading, and monitoring-has grown increasingly complex and competitive with the advent of better tools and data, more sophisticated investors, and ever-greater resources devoted to the problem. Going forward, we expect traditional and quantitative investing to converge; successful investors will make full use of the best available tools. In fact, most traditional managers already use some quantitative screens and portfolio risk estimates. Best practices will increasingly include methods currently used primarily by quantitative managers-such as optimization, back testing, and statistical modeling-as well as methods that are now the primary domain of traditional managers-such as the in-depth analysis of qualitative investment criteria. In fact, Benjamin Graham, the "father of modern security analysis," had long seen the benefits in both approaches: The first, or predictive, approach could also be called the qualitative approach, since it emphasizes prospects, management, and other nonmeasurable, albeit highly important, factors that go under the heading of quality. The second, or protective, approach may be called the quantitative of statistical approach, since it emphasizes the measurable relationships between selling price and earnings, assets, dividends, and so forth. . . . In our own attitude and professional work we were always committed to the quantitative approach. (The Intelligent Investor, 1973, page 199) To succeed in EPM in the future, then, investors need strong technical skills, a thorough understanding of investment theory, a widening base of knowledge, discipline, humility, and plain old common sense. They also need to devote considerable resources to each step in the process, and to sweat the details. As any student of the game knows, blocking and tackling wins ball games. For most casual investors, we suggest hiring skilled professionals or investing passively. For those who want to stay in the game, however, it is time to embrace the science of investing.