Peter Lynch utilized fundamental analysis to pick stocks when he worked for Fidelity (a mutual fund company). From 1976 to 1994, he averaged about 27% return a year in his portfolio, beating the market by about 15% a year. This is evidence that:

I. Weak form EMH doesn't hold.

II. Semi-strong form EMH doesn't hold.

III. Strong form EMH doesn't hold.

II only

II and III

I and II

III only