32. (LO 10.2, 10.3) According to recent studies, Berkshire Hathaway, a multinational conglomerate holding company led by Warren Buffet, had the highest Sharpe ratio out of all U.S. stocks and mutual funds from 1926 to 2011 that had been traded for more than 30 years. To place this performance further into context, Berkshire Hathaway's Sharpe ratio over the 35 -year period between 1976 and 2011 was nearly double the overall stock market at 0.76. In order to achieve these returns, Warren Buffet buys stocks that are "safe" (with low beta and low volatility), "cheap" (value stocks with low price-to-book ratios), and high-quality (meaning stocks that are profitable, stable, growing, and with high payout ratios). Which form of the efficient market hypothesis does this violate, if any? Discuss