In “Reflections on the Efficient Market Hypothesis: 30 Years Later” (2005), B. Malkiel concludes with the following passage:
The evidence is overwhelming that active equity management is […] a “loser’s game.” Switching from security to security accomplishes nothing but to increase transactions costs and harm performance. Thus, even if markets are less than fully efficient, indexing is likely to produce higher rates of return than active portfolio management. Both individual and institutional investors will be well served to employ indexing for, at the very least, the core of their equity portfolio. […] And the most successful modern-day investor, Warren Buffett, who has beaten the market over a prolonged period of time, sums up the advice in this paper with characteristic wisdom: “Most investors, both institutional and individual, will find that the best way to own common stocks (shares’) is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.”
One of the arguments is the following graph of the percentage of EU-based actively managed funds outperformed by MSCI Europe index (performance net of fees) for 3, 5 and 10 years ending 31st December 2002 [the market and period are irrelevant, the numbers are very similar for 2010-2020)

Without focusing on whether W. Buffett is a proponent of the Efficient Market Hypothesis (he is not) or whether the information is accurate (it is), carefully discuss the validity and strength of the argument and