Re: on value investing
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(1) a recommendations of the best writing critical of value investing, perhaps caveats for newcomers, the difficulty of beating an efficient market, etc.,
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Get ahold of Damodaran's Investment Valuation. Read the whole thing, but for this point specifically, read the section "Generalities about Valuation" in the introduction, and read Chapter 6 on efficient market theory. He gives a fair and well articulated account. Most of the rest of what I've seen in support of EMT is full of circular reasoning.
Generally Damodaran does a good job of demonstrating how hard it is to find ineffiencies and how easy it is misinterpret data.
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