Which $of$ the following statements $is$ TRUE?

Group $of$ answer choices

None $of$ these are correct.

After adjusting for taxes, long$-$term bonds consistently outperform stocks.

$An$ asset allocation decision for a taxable portfolio that does not include a substantial commitment $to$ common stocks may make $it$ difficult for the portfolio $to$ maintain real value over time.

Except for tax$-$exempt investors and tax$-$deferred accounts, annual tax payments increase investment returns.

The only way $to$ maintain purchasing power over time $isto$ invest $in$ bonds.