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Now the case is not won. Market prices are not cyclical in any obvious way. Smart beta indices have time varying weights and it is therefore not obvious at all that smart beta indices induce contrarian trading. One needs other assumptions to make sense of these claims and subsequently, a structured empirical investigation is needed to check whether these assumptions hold in the data. But it looks like we now have a plan.  # References  Bouchey[2015], P. Bouchey, V Nemtchinov and T.L. Wong, *Volatility Harvesting in Theory and in Practice, The Journal of Wealth Management, Vol 18,pp 89-100.