Which of the following is the best statement of the efficient markets hypothesis?

Which of the following is the best statement of the efficient markets hypothesis?

▸ Investors with information that a stock had a positive net present value (NPV) will buy it, while investors with information that a stock had a negative net present value (NPV) will sell it.

▸ Investor's decisions are dependent on complete current information of a firm's cash flows and accurate predictions of future cash flows.

▸ A share's price is the aggregate of the information of many investors.

▸ Competition between investors works to make the net present value (NPV) of all trading opportunities zero.