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      Alts Democratized

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      Copyright © 2015 by Jessica Lynn Rabe and Robert J. Martorana. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

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       Library of Congress Cataloging-in-Publication Data in on file.

      ISBN 978-1-118-97101-7 (Hardcover)

      ISBN 978-1-118-97103-1 (ePDF)

      ISBN 978-1-118-97102-4 (ePub)

      Foreword

      So you've taken the plunge to learn more about alternative funds, or alts. No doubt you feel compelled in some way to find out more about these fascinating and oft-talked-about investments, and you're ready to jump in and start – or maybe not. Maybe you just want a better understanding of the unknown before you find one popping up or, worse yet, blowing up in your portfolio. Let's take a quick look at the potential reasons why you bought this book and now find yourself reading this Foreword:

      All these or any combinations thereof are excellent reasons to read this book. Why am I writing the Foreword, you ask? I will tell you, of course, and I think you'll find my rationale strikes a similar theme across many of the aforementioned scenarios. Like many of you, I lived through the financial crisis of 2008. I also lived through the tech bubble meltdown of 2001 and every other market downdraft dating back to 1987. That doesn't make me either a dinosaur or a neophyte, but it does make me aware of the fact that dynamics in the market have changed over time and the tools used by investors to weather such storms have had varying degrees of success and seemingly less efficacy with each new episode. Time-tested adages such as building diversified portfolios with underlying holdings that zig while others zag have fallen short. And it's not just that market dynamics seem to have evolved over the years; it's also the degree of urgency placed on those in the position of building portfolios to get it right and limit losses.

      If you, too, have personally lived through all the market events mentioned – and particularly if you've lived through a few more even further back in time – you are probably not in a position to suffer the impacts of another market meltdown. You're simply too vulnerable at this stage of your savings and investing horizon to sit tight and let the corrections right themselves. You are also likely to be in need of generating income and at least keeping pace with inflation, if not rising health care costs. Stuffing mattresses and rolling over certificates of deposit (CDs) aren't very

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