It didn't used to be an elitist school of thought, because a school of thinking on the subject wasn't needed. There were high enough fences to keep the riff-raf

It didn't used to be an elitist school of thought, because a school of thinking on the subject wasn't needed. There were high enough fences to keep the riff-raff out (high transaction fees, inaccessible markets for commoners, et. al.). Thanks to e-Trade, Schwab, and the like, those fences got torn down, not knowing those fences not only kept people out, but they also kept the bad things in. Bad things like super-duper sketchy penny tech stocks (HMNY). Elitist? Meh, no more elitist than, say, a climbing permit for Mt. St. Helens (which is just $15 and fill out a form). Put up even a token barrier, even if it can easily hopped over.