Assume a return series demonstrates significant positive serial correlation. Which of the following statements is most likely to be incorrect under this situation? (a) Variance of wealth tends to decrease with investment horizon. (b) Variance of per annum returns tends to decrease with investment horizon. (c) Variance of wealth tends to increase with investment horizon. (d) Variance of per annum returns tends to increase with investment horizon. (e) The underlying asset may be thinly-traded