Describe the Concave and Convex market timing strategies with reference to the following graphs.PLEASE ANSWER AS DETAILED AS POSSIBLE! THX

20% 50% tocks 50% T-bills 10% 0% Excess returns of portfolios -10% -20%% 80 90 100 1 10 1.20 Relative value of stocks to T-bills Graph A 20% 10% 50% stocks 50%Tbills Excess returns of portfolios 0% -10% -20% 80 90 1 00 1.10 1 20 Relative value of stocks toT-bills Graph B