Alternative investments are investments which are less commonplace than traditional, long holdings of just stocks and bonds that are widely traded. Frequently, alternative investments are available in the form of interests in pooled investment vehicles organized as limited partnerships through asset management companies. These interests are not registered with the SEC and are only available to accredited investors. These interests involve substantial investment risks; Alternative investment vehicles pursue investment strategies with widely ranging return and volatility characteristics. Alternative investment vehicles generally are more flexible in their investment approach through the use of short selling, derivatives and leverage. While this flexibility can improve risk/return characteristics, the leverage and use of derivatives may increase the overall risk.