People don’t need incentives to learn about technologies that solve real problems though. I saw the value in Macs, for example, without ever buying Apple shares, I use AWS without owning Amazon, I learned about Linux without profiting from its spread, etc.

Update: My point is simply that if “most knowledgeable people in the space probably have large holdings” as was claimed, this is arguably an indictment of the technology under discussion here. Useful technologies tend to have enthusiasts with no direct financial stake in their success. The fact that people happen to invest in tech companies and do well, or that many have indirect financial incentives to embrace tech, is orthogonal to my point. It is weird if a given tech is entirely or largely carried by people directly invested in it. It raises questions of whether it is generally useful. People who want Fred to front load his disclaimer are probably thinking by along these lines.