Which of the following statements is (are) TRUE?

I) Risk-aversion investors accept investments that are fair games

II) Risk-neutral investors judge investments only by expected returns risk is not relevant

III) Risk-neutral investors (A=0) would have an infinite allocation to the optimal risky portfolio according to the mathematical expression for YmaxU

IV) Highly risk-averse investors would still allocate a small portion of their savings to stocks according to the mathematical expression YmaxU

a) II and III only

b) II, III, and IV only

c) I only d) II only

e) I and II only