Ok—why is this article being reprinted 4 1/2 years later (October 2020)? To be valid, the analysis would need to be updated. Even at original print date of 2016, the latest data he used was from 2013. So we are 7 years out of date in this analysis—in the meantime we now have factor investing and quant investing on massive scales—-did they do away with the Sell in May effect? That would be a far more useful article from an “institute” that is supposed to further the craft of investing.