I constructed my internal CI model using 70+ years of data. The nice thing about this data is that, because the allocation is purely systematic, this historical data gives you a very good idea of how the portfolio performs in certain environments. SO yes, I would argue that it is very robust to the calendar and based on much more than 1 year look backs. It is, after all, a cyclical approach to investing so anyone using a short-term momentum approach will not find it appealing. If anything it’s closer to a value investing approach in that you are basically underweighting stocks when they become overvalued and overweighting when they become undervalued. Of course, I don’t use traditional “value” metrics to assess this, but it’s the same basic idea. Importantly though, we’re not trying to capture “alpha” in the portfolios. What I am really trying to do is generate an adequate return for someone without exposing them to traumatic permanent loss risk. If we generate some alpha along the way then great, but that’s not part of the financial goal here.