Which of the following statements is not true? I - Because expected returns on stocks exceed expected returns on bonds, stocks should actually outperform bonds every year. II - Because expected returns on stocks exceed expected returns on bonds, it is more reasonable to expect that stocks will outperform bonds in any given year. III - Expected return is not the return one will actually receive. IV - Expected return on stocks is not independent of risk.

Answer Choices:

A) I, II and IV

B) II and IV

C) I and IV

D) I only

E) None of the above