"The more difficult question is what not to do. Ilmanen recommends against seeking classic alpha or trying to time the market."

Thank you for this very helpful article, opening the eyes for unfamiliar risks to be considered soon. Can you please explain, what is meant by "classic alpha", and give examples. And what is the opposite, new or alternative alpha to be preferred instead and why?

Finally, the recommended investing in "alternative risk premia" means active trading long and short based on classic hedge fund strategies such as trend/momentum, value... Is that not market timing? And why not?