A drop of 20% is what we called "hammered" these days? TLT's high in May was 124 and now is about 102, so I find that a bit dramatic language in the first line. The next sentence seems fine for a guess as to what will happen going forward.
If the S & P 500 starts to fall, I'd think there are other options where investors may seek safety as long-term bonds aren't a great option and I'd suspect there are short-term bond ETFs or money markets that may make more sense given the swings that may make one question the alleged "safety" if someone like this can be "hammered" to this degree. Really, what kind of person would call a security that has a drop of 20% that is still viewed as "safe" really?
Course the first sentence is the only sentence that is past analysis. The rest is speculation that may or may not be correct as really only with hindsight would this be known.