Buffett's Views on the Future of Value Investing

Buffett basically said if he was managing smaller sums of money, we've all quoted the quote before, right? That supposedly he could earn 50% a year if he was investing a million dollars or 10 million. And that's pretty much it. Munger thinks it's going to be much more challenging going forward for value investors. Mungers views are almost, uh, efficient market hypothesis like in terms of how bad it's gotten with just too many managers trying to do same things.