Chris Dialynas in “Th e Active Decisions in the Selection of Passive Management and Performance Bogeys” (in Frank J. Fabozzi (ed.), Perspectives on Fixed Income Portfolio Management , Volume 2) wrote:

Active bond managers each employ their own methods for relative value analysis. Common elements among most managers are historical relations, liquidity considerations, and market segmentation. Market segmentation allegedly creates opportunities, and historical analysis provides the timing cure.

A . What is meant by “historical relations, liquidity considerations, and market segmentation” that Chris Dialynas refers to in this passage?
B . What is meant by: “Market segmentation allegedly creates opportunities, and historical analysis provides the timing cure?”