Several recent studies point to strong performance in economics PhD programs of graduates from liberal arts colleges. While every undergraduate program is unique and the likelihood of selection bias combines with small sample sizes to caution against drawing strong conclusions, the authors reflect on their experience at Carleton College to identify potentially generalizable principles. They believe that accessibility of the curriculum to non-majors, intense faculty supervision of student-driven research, in-depth advising, and careful programming contribute to Carleton College's recent success in producing PhDs. Although some of the practices can be easily adapted, the authors note large opportunity costs associated with many of the choices the College has made.