The fact that we’re reading about a paper, and not a headline about a wildly successful systematic fund, suggests this isn’t all that valuable.

One example is the low volatility anomaly, where low risk assets outperform the market, when time and again, fund managers struggle to do so without leverage. But fund managers generally won’t employ such a strategy because their investors don’t want to see themselves in low-risk assets when high-risk ones are going gangbusters because of FOMO.