Alternative investments are done outside of cash, stocks and bonds. They are placed in non-conventional, tangible assets such as precious metals, paintings, antiques, or wine. In addition, they can be placed in non-conventional, financial assets such as private equity, distressed securities and hedge funds. Some alternative investments are extremely difficult to value and are highly illiquid. In many cases, the ticket size is high. Therefore, these investments are largely popular among financial institutions and high net worth individuals seeking diversification from their core portfolios comprising stocks and bonds.