To me this is just him whining that there are no longer market failures for him to exploit. He didn't make lots of money by value investing, he made lots of money by investing in under-priced stocks. That is much harder to do today because the market is better at capturing all the various potential and risk so that a stock price today really does reflect an accurate, risk-adjusted net present value. This means you cannot outperform the market which is his only measure of success.