"Alternative Investments": Introduction

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Questions 1:

Categories of alternative investments would least likely be described by which of the following?

A 、Fine wine and other tangibles

B 、Schools and other long-lived real assets

C 、Cash and other liquid investments

Questions 2:

Based on the historical record, adding alternative investments to a traditional investment portfolio consisting of publicly traded debt and equity will most likely decrease the portfolio’s:

A、 liquidity.

B、 downside risk.

C、 risk-adjusted return.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Cash and other short-term liquid investments would not generally be considered alternative investments. Alternative investments fall outside of the definition of long-only publicly traded investments in stocks, bonds, and cash (often referred to as traditional investments). In other words, these investments are alternatives to long-only positions in stocks, bonds, and cash.

A is incorrect because the category “collectibles” would include tangible assets such as fine wine, art, antique furniture, and automobiles.

B is incorrect because the category “infrastructure” would include capital intensive, long-lived, real assets, such as roads, dams, and schools.

【Answer to question 2】A

【analysis】

A is correct. Many categories of alternative assets have low liquidity because of the fund structures used (e.g., limited partnerships for hedge funds and private equity) or high transactions costs for underlying assets (e.g., real estate). Alternative assets have generally had high downside risks. However, low correlations with traditional asset classes suggest strong diversifying potential, and high returns result in relatively strong Sharpe ratios (high risk-adjusted returns).

B is incorrect because many alternative investments have exhibited high downside risks.

C is incorrect because many alternative investments have exhibited strong risk-adjusted returns and low correlations with traditional asset classes.

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