How does the efficient market hypothesis (EMH) impact portfolio management and investment strategy?

Using the internet, search for information on the Wall Street Journal Dartboard Contest.

What is this contest about? What does it have to say about portfolio diversity and investment advisors and the efficient market hypothesis?

Does the efficient market hypothesis imply that it is impossible for an investment manager to outperform a stock market benchmark (such as the S&P 500 for US large capitalization stocks) on a risk adjusted basis? Explain

Describe the concept of efficient markets and the Efficient Market Hypothesis (EMH).