That's not what "reversion to the mean" means. It is specifically a concept tied to repeated observations from a -random- process. That is, a process in which

That's not what "reversion to the mean" means. It is specifically a concept tied to repeated observations from a -random- process. That is, a process in which the values fluctuation over time (due to inherent randomness), but the -fundamentals- of the process (and its probability distribution) remain fixed -- along with its mean value. What they're saying here is that WFH has caused a seismic shift -- and hence, a drastic change in the fundamentals of the process. Their whole point is that we're seeing different valuations in 2022 than in early 2020, it's not due random fluctuation -- its because the fundamentals of the process have changed -- along with its mean. By definition, "reversion to the mean" only applies if ... the mean is fixed.