I think his point is that if one share costs too much, you generally shouldn't be so all-in to one stock. By and large, the people with $100 to spend aren't be

I think his point is that if one share costs too much, you generally shouldn't be so all-in to one stock. By and large, the people with $100 to spend aren't beating the index on average. Transaction costs eat up too much of it. Yes there are outliers, but companies don't split to enable low income buyers the opportunity to buy single shares.