Mr. Fleming uses the terms, "Despite the continued overall decline". He implies that because 30-40% of market (non-distressed) is declining less than the other 60-70% (distressed) the market price declines will abate as price declines are "increasingly isolated" to the 60-70% side of the equation. It's the core logic (pun) twist of "increasingly isolated" to the majority which attempts some positive!

I suppose the doctor could use this, "Mr. Bell, despite the overall 60-70% cancer in your body, if this is excluded, you are showing signs of stability"!