Subject: Re: Reversion to .....mean? S&P?
Let me know if I missed her point.

As you read it, you'll appreciate that the quoted snippet is not the point of the write-up. The title is "The flaky case for buying the dip."

I took the point to be this:
Retail investors were/are enthusiastically buying the dip, and, to be fair to them, there are some superficial reasons suggesting that their decision is not irrational, as past situations which (superficially) resemble the current one have been good times to buy, and indeed those who bought at the recent bottom have been rewarded...so far.
BUT...
The professionals are all battening the hatches, big time. Only one of the two groups will turn out to have been right, and the author gives a hint of which group they think it will be:

From the last paragraph:
Record-breaking gold prices, a soaring Swiss franc and a massive jump in German government bonds are all a clear sign that professional investors are deeply spooked, and anticipating the next wave of pain. If the retail dip buyers are right again, this will have been a heroic call on their part, but the odds are heavily stacked against them.

Personally I think broad market buyers today are being sought out avidly to fill the shoes of the ever-scarce "greater fool" to whom one wants to sell any dodgy asset.

Jim