The whole letter is interesting, but this is my favorite quote from the linked article.

Thankfully, successful investing doesn’t require the ability to predict the spread between Indonesian sovereign bonds and the Chinese deutschemark interbank swap convexity. I just made up stuff to concoct that sentence but if I put it in a brochure there are more than a few “sophisticated” investors who would gladly hand over capital to prove that they understand it and are part of the club.

Now, I don’t think it’s time to throw in the towel at all, but with all that stuff written in the full letter, is there any wonder huge MFs and HFs can’t beat the market?