Financial literature as a whole suggests that passive investing outperforms, on average and over the long run, the average active investor. William F. Sharp, Nobel Prize in Economics in 1990 for his research on financial assets valuation, explains in the introduction of a study published in 2002: "Indexed investing is a strategy designed to match a market, not beat it. Done properly, it can be cheap and tax-efficient. After costs and taxes, an indexed investor in a market can beat the average active investor". Other more digestible works such as best-selling Burton Malkiel, "A random walk down wall street" explain why the average investor should prefer passive investing to active investing.