Warren Buffett made a bet that an index fund tracking the S&P 500 would outperform a portfolio of hedge funds selected by an active manager. The S&P 500 index fund has returned 66% while the hedge funds have returned 22%. What does this say about the efficient market hypothesis (EMH)?

Group of answer choices

The fact that a passive investment strategy is outperforming an active management strategy supports the EMH.

The fact that a passive investment strategy is outperforming an active management strategy provides evidence against the EMH.

The fact that an active management strategy is outperforming a passive investment strategy supports the EMH.

The fact that an active management strategy is outperforming a passive investment strategy provides evidence against the EMH.