10:22 (2X)
mean-CVaR optimization is more suitable. Alternative investment's risk/return profile is not normally distributed. It's typically negatively skewed with left-tail risk. CVaR (conditional VaR measures the value at risk when the investment is at loss (focusing on the left tail of the distribution bell) so it is a more accurate risk measurement for alternative investments than traditional MVO. Traditional MVO tends to underestimate the risks associated with alternative investments because of the sknewness and smoothed data.