Which statement is the most correct regarding investment returns and their level of risk?

a. Investors should invest in risk-free assets when they want to earn the highest projected ex-ante returns over the long-run.

b. Riskier investments generally have the lower expected returns (ex-ante) than risk-less alternatives.

c. Higher risk investments may provide lower actual levels of return (ex-post) than risk free investments over the short- or long-term.

d. Compared to lower risk alternatives, higher risk investments always provided higher levels of return (ex-post) over the short term.

e. All of these answers are correct.

f. A risk-free investment never has the highest actual return ex-post.