What’s the difference between asset allocation and security selection? Please

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

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