Shimin_CPA税法主讲、CFA教研 · 2019年05月07日
statement 2：有基础班讲义的话看一下223-224页。没有的话我把这两个词的含义贴在下面：
Discretionary TAA is predicated on the existence of manager skill in predicting and timing short-term market moves away from the expected outcome for each asset class that is embedded in the SAA policy portfolio. （强调基金经理的能力）
Using signals, systematic TAA attempts to capture asset class level return anomalies that have been shown to have some predictability and persistence（强调信号、市场异常）
所以 statement 2 描述的是 systematic TAA，而不是discretionary TAA
statement 3：TAA不能超过上下限。
