[drited]

Historically equal weighted indices haven't almost always underperformed according to the article. Actually the recent unusual divergence is a focus of the article. They note that historically the divergence is -0.17%, i.e. the opposite of always underperforming.

In fact, coming at investing from a fundamental/business perspective where one is seeking to buy companies at as low a valuation as possible relative to earnings, equal weighting should systematically tilt more toward cheaper companies which should have slightly higher expected return. Market cap weighting tilts towards companies like nvidia whose valuation is ballooning.