"He likes NOT, and he thinks NOT will continue to do well, but if the market crashes he will be sad as will the rest of us. But only "intelligent" investors will be able to avoid sadness more than others."

I prefer to think of it in terms of those who remain emotionally detached will be able to see more clearly and therefore make better decisions, and therefore avoid sadness more than others.  If there were to be a crash, over the reparation period, only those that went to physical gold, or something of that nature, would likely be less saddened.