What is your informed opinion about how efficient financial markets are today?

What is your informed opinion about how efficient financial markets are today? Related sub questions to consider: How does your opinion influence your investment decisions (e.g. Do you prefer to invest your retirement funds through managed funds or index funds/Exchange Traded Funds) and your decisions in the financial management of the firm? What alternative to the Efficient Market Hypothesis did you find or do you have to offer? Are you a proponent of more or less regulation? Where or how does the topic of globalization fit into the discussion of efficient markets?