Buffaloski Boris - I have about a thread's worth of comments to just that post of yours... so let me pick my top 2 and start there. :)
I think momentum works. In my passive portfolio, I hold core index funds and tilt to momentum. The "3 factor" model of the market (market, small/big, value/growth) is improved by adding momentum as a 4th factor. There's white papers and books that would do a better job of justifying it than I could, especially since it's been a few years since I studied it.
I agree with reversion to the mean - I bought stocks like DIN, M, DXPE counting on them at some point either recovering or going bankrupt. That could be true of tech stocks... but "technology" does not mean revert. People do not willingly give up their cell phones, so I believe technology has a permanent place in the stock market. Twenty years ago, how many people checked their cell phones when waiting in line, or on public transport? And now? We search with Google, check on friends on Facebook, and buy products online with Amazon. In my view, there's a good reason those 3 companies are at the top of the S&P 500, and they could continue being there. A tech correction is possible, but their products are definitely ingrained in daily life now, suggesting they have a long-term future.