Alan H. Dorsey '83, a managing director and alternative investment strategist at Lehman Brothers, recently published Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance, 2007). Dorsey elucidates the world of alternative investments for those who wish to integrate them into traditional portfolios as he combines up-to-date knowledge with helpful advice. In Part One of the book, Dorsey discusses such matters as governance and gaining access to the best funds and then touches on several alternative investment strategies, including hedge funds, private equity, real estate, currencies, commodities, timber, oil, and gas. In Part Two, the author addresses the use of alternative investments in traditional portfolios, covering such topics as the migration of hedge funds into the realm of private equity, alternative investment cash flow and its implications for portfolio rebalancing, the use of leverage, portable alpha techniques, and factor analysis. Dorsey also makes clear that alternative investments do not belong in every investor’s portfolio.