"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:"

Steve Clapham, a former analyst who now publishes a newsletter on Substack and runs training courses for both professionals and amateur investors made a similar point last week. As an example, he broke down the possible impact of the announced tariffs (before they were slightly rolled back) on Apple and how that affected the company's expected value - which looked to match the decline in the share price.

He also warned that while buying the dip may have worked for the last 60(?) years because of the market's rise, people investing during the previous 60 years (I can't remember off the top of my head if these were the actual periods of time he was referencing but the point will be the same) didn't have the same joy. That's not to say the future won't be a rosy one, but too many people seem to be calling others to 'buy the dip' on reflex.