[assemblyman]

zipy214 below has given much more eloquent explanations about the non-applicability of the EMH than I can. For me, the vast majority of my personal savings are in index funds. The reading list above, even if the methods are outdated (the broad details still apply even though many ways of analyses no longer apply especially to tech stocks), are mainly to get the curious started on one principled path to investing with the caveat that, if they do experiment, they should do so with amounts they are willing to lose.

Just one more comment to what you said below:

"If you personally believe markets are not efficient, and prices are not accurate, then perhaps you should take up day trading."

Value investors famously oppose any kind of day trading or "in and out" trading. People like Phil Fisher used to advocate never selling unless the fundamentals change drastically (change of management, new technological developments that make a company's products obsolete etc.). Of course, one doesn't have to be that extreme but equating value investing with day trading is misleading.