I read both Malkiel's book and Grahams' book this year and was much more convinced by the former, especially in the context of just wanting to put some money away and not work at it too much - although to his credit, Graham also says that investors like this should not be all that active.

I think reading both is not a bad idea, but for those of us not in a position to crack open a company's books like someone like Buffet can do, I'm not convinced of the wisdom of trying to beat the market at determining which companies are 'value' companies.