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Malkiel’s book has had several updates, but his basic strategy still holds true — in spite of robots and formulas and ESG investing and all that other stuff that’s out there to talk about now.
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There are two camps of investing,
passive and active
Passive is a theory of investing which is minimal cost and management. The theory has scale limitations, which some people don't understand, and has some nuanced weaknesses, such as price insensitivity, and scale issues.
Active is the traditional method of expertise. . . and has its advantages, has similar scale limitations, and is primarily responsible for price discovery. As the competition for active management is very intense, the cost of active has been coming down, and they look for advantages of technology to create more alpha.
Active has several versions, and there is a small population of quantitative hedge funds and traders who do generate a stable and high rate of return over long time periods, well over the return of the indexed funds. . however, their IP, intellectual property, is not shared, and not well known as they are not publicly sold nor advertised.
However, the biggest achilles heel for all investments is scale, as investing has very specific scale limitations, which is completely different than the physical production world. .
YMMV