finance book, "a random walk down wall street" the updated tenth edition comes out next week, and burton malkiel's message hasn't changed-- the stock market is pretty efficient, and investors are wasting their time chasing after strategies trying to beat it. when i talked with malkiel today, i asked him why he thinks index funds are still the most sensible way to invest in the markets. >> twoo thirds of active managers are regularly beaten by the index. and the third that win in one period aren't the same as the third who win in the next period. so it's not average. it's above average performance. index funds do better than actively managed funds. >> so how do you explain the warren buffetts of the world who make a lot of money by actively managing and not indexing? >> you know, there are a few warren buffetts in the world. there are just a few exceptions. but the problem is you don't know in advance who they are. and i don't know who they are. and if you try to find the warren buffett, it's like looking for a needle in a haystack. i say buy the haystack, buy the index fund which will guarantee yo