Hi Peter, thanks for sharing your perspective.

I agree with Norbert's comments that certain low-cost and transparent liquid alternatives like managed futures / CTAs can be used to partially replace fixed income positions. However, none will be reproduce anything like the bond bull market of the last 30 years, so the base expectation should be lower returns and higher volatility.

Regarding buying tail risk protection: the track record of managers in this space is not particularly appealing, despite recent headlines of outsize returns during the COVID-19 crisis. Here is a research note with some further details on the performance of tail risk hedge funds:

https://www.factorresearch.com/research-tail-risk-hedge-funds