Ignore the hole. Play your money as if the present total is all that you have ever had. Choose bet sizes that reflect present bankroll reality, not fond memories.
I was in Vegas during the Mayweather vs. Pacman fight. I was sitting at a BJ table at the bellagio, and I struck up a conversation with a gentleman. He said he was down $20K for the year and that he gathered up as much money ($30K?, don't recall the exact amount) he needed to win $20K on the favorite Mayweather on decision, I mean comeon. We all know Mayweather won by decision. That gentleman became "EVEN" for the year on his bankroll.
The article is interesting, but I think there are too many holes and variables. On the contrary, if a losing gambler was more well off and had a deeper bankroll, I think this argument would be slightly different. I think the well off gambler would hedge it and pick the safer choice with a larger wager (kind of like a marty). I think the given scenario generalizes that most gamblers may have lost 80% of their bankroll before subsequently shooting for the long shot with their 20% bankroll.
How would you play it out if you had a $20K hole and wanted to get back even?