The statements below refer to infrastructure as an asset class. Which is incorrect?

a. The large scale and lumpiness of infrastructure assets means that direct investment is readily available to only large investors.

b. All infrastructure assets have long lives, stable cash flows, capital intensity with low operating costs, and high barriers to entry.

c. Infrastructure assets can face various forms of cash flow risk, including construction and development risk, economic exposure, and substitution risk.

d. Infrastructure provides only a partial hedge against inflation.

e. Infrastructure assets are heterogeneous, i.e. there is a lot of differences across assets