Market Neutral Investing by Eric Stokes
Stokes advocates ranking companies in an industry and selling short the over-valued and buying an equal dollar amount of the under-valued. He doesn't benchmark the risk / reward of his strategy, and not only does he ignore the possibility that his model may de-track, he doesn't even test it to see whether it works.
Provided that you detect regime changes and cut losses, this can work. However, it usually has lower returns due to the lower risk, so funds will crank up the leverage when trading this. Stokes' recommendation is kinda like telling a student driver to learn to drive on a semi: if they get it to move at all, it's too slow, so they push into the higher gears, and then we end up with a kid behind the wheel of a fully-loaded truck travelling 85 miles an hour. Awesome.