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Defining Alternative Asset Classes

My investable "alternative" asset classes are:

International REITs - WPS (I have an equal allocation of domestic REITs via VNQ)

Natural Resources - PCL, RYN, PCH (timberland), PRFE (energy), GLD and GDX (gold)

Great Fund Managers who are not closet indexers: PRPFX - (excellent inflation hedge with high Sharpe Ratio - heavy in commodities, currencies, and small-caps) and Ken Heebner's CGMFX and CGMRX.

TIPS. David Swensen strongly makes the case for TIPS as an asset class, which I buy into. Academic research indicates their powerful diversification effect.

I like Granger's ideas above, though one I've already passed on. ARBFX has nearly 2% fees, low net returns and a negative Sharpe Ratio. With five year CAGR of just 5%, it's too volatile for me to hold. I want to get paid for risk. Low correlation isn't enough.

I think a very important question we need to answer is, how much exposure is meaningful? How thin do we slice the pie? How big should our "alternative" category (or any category) be? How big should any sub-slice within it be to be helpful in moving us toward diversified returns?