The article discusses how to manage risk in alternative investment strategies like hedge funds and managed futures. It explores the evolution of these strategies, the risks involved, and the benefits they offer. The researchers emphasize the importance of transparency, liquidity, and sophisticated management in these investments. They also highlight the role of modern risk management principles and tools in financial markets. The study categorizes different strategy sectors based on their risk profiles and emphasizes the need for active risk management in multi-manager portfolios. Overall, the article provides insights into the complexities of alternative investments and the strategies needed to navigate them successfully.