NO.PZ201805280100000207
问题如下：
The proposal for short- term adjustments to the KCPF asset allocation strategy is known as:
选项：
A.de- risking.
B.systematic tactical asset allocation.
C.discretionary tactical asset allocation.
解释：
B is correct.
Using rules- based, quantitative signals, systematic tactical asset allocation (TAA) attempts to capture asset- class- level return anomalies that have been shown to have some predictability and persistence. Trend signals are widely used in systematic TAA. A moving- average crossover is a trend signal that indicates an upward (downward) trend when the moving average of the shorter time frame, 50 days, is above (below) the moving average of the longer time frame, 200 days.
考点：systematic TAA vs discretionary TAA
解析：正文说 “当 S&P 500的50日移动平均线在200日移动平均线之上，增加equity比重5%；当S&P 500的50日移动平均线在200日移动平均线之下，减少equity比重5%。” 这是rule-based的方法，根据trend signal短期调整资产配置以获得超额回报，因此对应的是systematic tactical asset allocation。
答案中给出的rule-based既然是通过经验法则得出的，难道不是人凭主观经验得出的法则么？是否和systematic TAA中的quantative相矛盾呢？
