In a two-period model of repeated delegation with asymmetric information, the policy that is implemented during the first period is used by the delegate to signal his most preferred policy (his type) to the principal. When the utility functions are strictly concave, the set of types who implement a given policy is an interval. Otherwise, there exist equilibrium outcomes in which types have a lower reputation, at the beginning of the second period, than other types, even if the former types are better than the latter from the principal′s point of view.