I mean, to the extent that you're making these short-term bets against your long-term policy, it requires trading and trading is expensive.

我的意思是,在长期策略下进行短期操作,就需要进行交易,而交易是昂贵的

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I think market timing,as I've defined it, has to do with short-term deviations from your long-term policy targets.

正如我之前定义的,市场时机选择,是偏离长期策略目标的,短期操作

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