Actually, in its purest (or strongest) form EMH almost certainly does not exist and is rather just a "utopia" of assumptions. It is similar to a "perfectly competitive market" in microecon. It is important to understand that most theorists do not believe we operate in a perfectly efficient market. EMH only outlines the rules for an efficient market and is often used for study/analysis in acedemics to prevent overcomplication and undue influence from unmeasureable variables.
Both ideals require, among other things, all available information delivered instantaneously to market participants. One of the most overt evidences of this is market bubbles and crashes. A perfectly informed investor would recognize a bubble build-up and immediately take an opposing position that would in turn help reduce the overinflation of the bubble itself. If ALL investors were perfectly informed, as assumed in the EMH, the bubble would never burst due to the recognition of the bubble and the opposing positions that mitigate it. As a matter of fact, the bubble would never form. A bubble/crash is really nothing more than investors acting on bad information, assumptions, rationalizations, lies, and/or hopes long enough to cause the market to be heavily tipped in one direction. EVENTUALLY, everyone realizes this and jumps to the other side to correct (and often end up overcorrecting).
Buffet and Lynch outperform the market because they invest in markets where the information (publicly available or not, I can't say) is not accurately reflected in stock price. That also reminds me, insider trading and "hot stock tips" (particularly when they are never discovered) are two of the best examples of EMH malfunction. Because the diffusion of information trickles down and is not immediately released upon the entire market at once, a few are able to benefit from information that should be reflected in stock price, but is not yet.
There are actually three degrees to the EMH, each one being less restrictive. In reality our market probably operates as a weak-form EMH and we are striving towards a strong-form EMH.