The strong form of the EMH is generally confirmed by research evidence.

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The strong form of the EMH is generally not confirmed by research. The assumption is that no group of market participants or investors has monopolistic access to information. If this is the case, then no group of investors can be expected to show superior risk-adjusted returns under any circumstances. Obviously, the Securities and Exchange Commission doesn't think this is true, because insider trading is illegal and punishable by stiff fines and jail time. Although mutual fund managers may get the first call when news is breaking, that is not fast enough to generate superior returns. While the strong form of the efficient market hypothesis suggests more opportunity for superior returns than the weak or semi-strong forms, the premium is related to monopolistic access to information rather than other factors.

The Strong Form of the EMH Is Generally Confirmed by Research