Which of the following statements concerning historical investment risk and return is false?

• The geometric mean of the rates of return was always lower than the arithmetic mean of the rates of return.

  
  

• The rated of return on long-term U.S. government bonds were lower than on stocks.

  
  

• Real estate investments consistently provide higher rates of return than those provided by common stock.

  
  

• Stocks and bonds experienced results in the middle of the art and antiques series.

  
  

• None of the above (that is, all are true statements)