Which of the following statements is LEAST consistent with the factors that drive investment returns in the long-run based on the lecture material:

Higher total risk of a share is always associated with a higher expected return.

If the economy is expected to grow strongly over the long-term, this would normally have a positive impact on the returns of a diversified portfolio of shares.

Higher interest rates are normally associated with higher expected returns on share portfolios.

If an individual stock investment is more sensitive to movements in the economy than other stocks, it would generally be expected to have a higher than average return in the long-term.