Alternative Investments

Private markets, collectibles, carbon credits and more.

1. What Counts as an Alternative — Alternatives are anything outside the traditional trio of stocks, bonds and cash: private companies, real estate deals, hedge funds, collectibles, commodities and more. Here is how they differ and why people own them.
2. Private Markets — Private equity, private credit and venture capital invest in companies that do not trade on a stock exchange. Here is how these funds work, who can invest and how everyday investors are gaining access.
3. Collectibles — Art, wine, watches, cars and trading cards can gain value, but they pay no income and come with big costs. Here is how collectibles work as investments and what to watch for.
4. Carbon Credits — Carbon credits put a price on greenhouse gas emissions. Some trade in government-run markets; others are sold voluntarily by projects. Here is how the two markets differ and the risks investors face.
5. NFTs and Digital Collectibles — NFTs are blockchain tokens that record ownership of a digital item. They boomed in 2021 and then crashed. Here is what they are, what you actually own and what the boom and bust teach about speculative assets.
6. Fees, Liquidity and Risk in Alternatives — Before buying any alternative, check three things: what it costs, how fast you can get out and how its value is measured. Here is a checklist to compare alternatives with a simple index fund.