Owners of capital frequently lack knowledge about investment opportunities. One alternative is to turn to a manager for assistance. The owner's problem of contracting for the services of a manager is treated as a problem in buying information. The surprising result is that it is sometimes possible to trade information even when the owner is unable to form his own assessment of the information's value. Under some conditions it is possible to write a managerial compensation contract which will induce the manager to act in the best interests of the owner. These conditions require owner knowledge of the manager's employment and investment alternatives and risk preferences as well as some, but not all, of the characteristics of the investment opportunities.