The Answer to Poor Hedge Fund Results and High Fees and Costs: "Index Funds" says Warren Buffett

Yesterday in the WSJ, a big article appears (behind the pay-wall) on the unhappiness of public pension funds, including Calpers, the big CA public pensions fund, with their hedge fund investments.  Here is the closing paragraph of that article:

Mr. Meiberger [on the board of the San Francisco Employees' Retirement System] said at the [the board's June] meeting that he had sought out Warren Buffett's advice on the matter. The billionaire investor's handwritten response: "I would not go with hedge funds—would prefer index funds."