You make useful points. The efficient market hypothesis, particularly in its stronger forms, is in retreat. Value investors like Buffett are a big reason for th

You make useful points. The efficient market hypothesis, particularly in its stronger forms, is in retreat. Value investors like Buffett are a big reason for this. But... for most people without the skill or the time to find the next great investment or the next great investment manager, index investing offers the lowest cost of investment and, if you dollar-cost average over a long enough time, you will invest in up and down markets, thereby minimizing your market timing risk. Clearly this is not a swing-for-the-fences investing strategy, but for most people it is good enough.