Liquid alternatives promise two things - diversification from equities and compelling standalone returns. Yet most fall short because they don’t take enough risk. Excessive caution dampens long-term returns, imposes an unrealistic burden on manager skill, and delivers too little protection in equity drawdowns, when returns simply aren’t strong enough to matter. In a world defined by macro shocks, geopolitical fracture, and technological disruption, investors need liquid alternatives to be bold and flexible – embracing higher volatility; pursuing mark...