As you know, the main implications of the EMH are:
The market reacts quickly to new information and the market price reflects all available information.
It is impossible to consistently outperform the market on a risk-adjusted basis.
The EMH continues to remain a hotly debated topic for over 50 years. A counter argument to the EMH is the following:
If the EMH were true, then how can one explain the tremendous success enjoyed by investors such as Warren Buffett and Peter Lynch?
Please share your thoughts on the above question and on what you think is the best strategy for the average investor.