What’s the difference between asset allocation and security selection? Please give an example of why strategic asset allocation is far more important than market timing and security selection.

Below are a few articles to extend this topic a little further. What is your take of the current market valuation?

2 pages

https://www.forbes.com/sites/nicksargen/2021/09/02/us-stock-market-capitalization-at-2x-gdp-how-ominous-is-it/?sh=603be9215864

https://www.ceicdata.com/en/indicator/united-states/market-capitalization–nominal-gdp

https://sgp.fas.org/crs/misc/IF11327.pdf

https://www.gurufocus.com/buffett_assets_allocations.php