I always seem to hear from finance people that asset modeling is done in excel. Or are we talking modeling statistical relationships between assets? The fundam

I always seem to hear from finance people that asset modeling is done in excel. Or are we talking modeling statistical relationships between assets? The fundamentals-based valuation and statistical arbitrage approaches are so different, I wonder how they get reconciled into an overall profitable strategy. Or are fundamental valuations strictly used for the department and statistical relationships for the active trading department?