Pyridyl-and imidazolylphosphines accelerate anti-Markovnikov alkyne hydration and alkene isomerization and deuteration by factors of 1,000 to more than 10,000. The same features that increase the efficiency of bifunctional catalysts also complicate studies of their mechanism. Evidence for proton transfer and hydrogen bonding in catalytic intermediates comes from computational, mechanistic and structural studies, where 15 N NMR data are particularly revealing. Our methods should be useful in other studies of bifunctional catalysis.