I think he is saying more than that. He is saying that there is a dichotomy of intentionality that makes a difference in the market.
There are the players that are basically trying to own the market and there are the players that are just trading the market. He believes that those who seek to own the market will persist while the traders will recycle in a decade.
Those that seek to own the market use stealth techniques to rotate into and out of sectors.
I think he is correct. The problem is how do you model that kind of behavior?