Major changes have transformed each of the three major participants in a successful investment program. The greatest change has developed at an increasing rate in the investment markets where many factors in technology, regulation, and globalization have changed importantly. Major changes have also impacted investment managers in ways that are more powerful than most recognize. And investors have changed, but not nearly enough to provide the effective governance needed by the funds for which they are responsible. We cannot change the markets and have little hope of changing managers, so the best way to succeed now and in the future will be through better and stronger long-term governance, the sooner the better.