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Why is crude oil futures an alternative investment?
Because some alternative investments have higher yields than traditional stocks or bonds.

Adding alternative investment products to a diversified portfolio may achieve higher returns and lower volatility than traditional stock and bond portfolios.

At present, we don't have a clear definition of alternative investment, which is generally considered to be all investments except traditional investment. The "alternative" of alternative investment can not only refer to its investment objectives and investment strategies, but also be the organizational form of investment.