I don’t see it as negatively as Buffett and Munger might.

They grew up in a tight-knit, elite investment environment—a small club where deals stayed within a circle, and failure simply wasn’t an option. That was Buffett’s world—stable, controlled, and predictable.

But those days are long gone. The rise of venture capital normalized failure, and that’s a good thing. Failure became a stepping stone for innovation. Companies like Apple, NVIDIA, Google, Microsoft, and Moderna wouldn’t exist without this cultural shift.

More people are investing in 2024 than ever before. Social trading tools and platforms show that democratizing investing works. It gives anyone with talent a chance to demonstrate it.

I’m amazed by how many people outperform the so-called "elite investment community" over decades. In Buffett’s early days, they’d have been stuck in a coal mine with no way to show what they could do.

A higher failure rate might make some uncomfortable, but it’s how we get progress. Restricting opportunities to a select few? That’s just counterproductive. Everyone learns through trial and error, and it’s this openness that drives the world forward.