Evidently being able to cobble together an interesting letter is not one of the talents needed to succeed in the fund management industry. And BlackRock CEO Larry Fink has certainly succeeded in the global fund management industry.

The undisputed king of Wall Street runs a company that manages $10-trillion of assets, which means any letters written to stakeholders are studied closely by commentators and analysts. The latest of these letters — to the CEOs of all the companies BlackRock is invested in — was sent out a few weeks ago. Sadly, it makes for dreary reading...