Alternatives are often a source of confusion for our clients and the investing public, and with good reason: there is no uniform standard for the definition of an alternative, and there is no investable benchmark to represent the asset class. How to Define Alternatives If there is one thing everyone can agree on, it is that "alternatives" are not old-fashioned stocks (think S&P 500) or old-fashioned bonds (think treasuries, high grade corporates, and the Barclays Aggregate index). I consider this the "smell test definition" - does it smell and taste like a stock or a bond? If not, it's an…
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