Which of the following lists of characteristics best describe alternative investments?

Illiquid, high fees, high returns, high risks, use leverage, high correlation with stocks, passive management.

Passive management, illiquid, high fees, low research costs, not for conservative investors.

Low fees, little principal risk, active management, inflation hedge.

Illiquid, high fees and risk, low correlation with equities and bonds, high research costs, not recommended for conservative investors.