@Peter: Just limit alternative investments to a choice of purely traditional trend-following managed futures, such as in the SG Trend Index or the like, i.e., without the relative value stuff. Opposite to more than 90% of alternatives, these really make much sense in most instances. Due diligence costs are ok, transparency is high, the equity-like high return / adequately high risk / sustained non- and - during severe crises - anti-correlation and long directed volatility characteristics are uniquely beneficial diversifiers, crisis protection and high return sources. Thus, they are an even better replacement for bonds. See my contribution on 25 June 2020 with some more details:
https://blogs.stage.cfainstitute.org/investor/2020/06/25/redefining-fix…