Which of the Following Statements Is False

Which of the following statements is false?

A) The tangent portfolio is efficient and, once we include the risk-free investment, all efficient portfolios are combinations of the risk-free investment and the tangent portfolio.
B) The optimal portfolio of risky investments depends on how conservative or aggressive the investor is.
C) By combining the efficient portfolio with the risk-free investment, an investor will earn the highest possible expected return for any level of volatility her or she is willing to bear.
D) The efficient portfolio is the tangent portfolio, the portfolio with the highest Sharpe ratio in the economy.