Alternative beta is the concept of managing volatile "alternative investments", often through the use of hedge funds. Alternative beta is often also referred to as "alternative risk premia". Researcher Lars Jaeger says that the return from an investment mainly results from exposure to systematic risk factors. These exposures can take two basic forms: long only "buy and hold" exposures and exposures through the use of alternative investment techniques such as long/short investing, the use of derivatives (non-linear payout profiles), or the employment of leverage)