From the CFA textbook, we have: “Traditional investment only includes the long position in cash, stock and bonds, and all else are considered alternative investments.” However, the textbook also gave us 5 main categories of alternative investments as 1.hedge funds 2. real estates(including MBS and REITS) 3. private equity 4. commodities 5. others (like collectables). which does not include fixed-income securities like ABSs, or derivatives or short selling. They are also not long position in cash stock and bonds, are they considered alternative investments?