关于systemic TAA和discretionary TAA,老师上课说过discretionary TAA是趋势跟踪,而systemic TAA是选股,但讲义242页有一句话是generating alpha through TAA is dependent on successful market and factor timing rather than security selection,
感觉有点矛盾?TAA整体是依靠market and factor timing而不是选股,那为什么我们说systemic TAA是选股呢?