If you had sold in January 2000 - when FSI was above 0, and bought again at the beginning of July 2003 - when FSI was below 0, you would have avoided the -31.75% drawdown.

Source: https://seekingalpha.com/article/4586845-tactical-investment-strategy-sp500-index-potential-market-beating-returns?source=feed_all_articles

If you had sold in January 2000 - when FSI was above 0, and bought again at the beginning of July 2003 - when FSI was below 0, you would have avoided the -31.75% drawdown.

Source: https://seekingalpha.com/article/4586845-tactical-investment-strategy-sp500-index-potential-market-beating-returns?source=feed_all_articles

I have yet to publish an article showing my workings here, but following the same logic that I used for the US FSI, I came to an interesting conclusion.

Source: https://seekingalpha.com/article/4638324-tactical-investment-system-for-s-and-p-500-financial-stress-index-part-4?source=feed_all_articles

The FSI business produces synthetic and natural base aroma chemicals used in the flavor market.

Source: https://seekingalpha.com/article/4587126-international-flavors-fragrances-margin-compression-concern?source=feed_all_articles

The India State of Forest Report (ISFR) 2021 published by the Forest Survey of India (FSI) classifies 100% of Goa’s forest cover as “less fire prone”.

Source: https://indianexpress.com/article/explained/explained-climate/goa-forest-fires-in-march-2023-explained-8596719/