Hi.
1/N diversification is simply the equal weightened portfolio. If N is the number of assets, each one is assigned a weight of 1/N. But you will need to rebalance each period due to changes in the returns of the different assets affecting their weights.
Yes, DeMiguel has worked in this portfolio selection strategy. You can read some of his papers on his website: http://faculty.london.edu/avmiguel/papers.html
For example, the paper with Garlappi and Uppal (2009): Optimal versus naive diversification.
Hope it helps.
