He has two points with which I agree:

(a) many investing strategies which rely on frequent trading or high leverage are not available to retail investors because of commissions, spreads, or taxes;

(b) (i) mutual funds etc. are poor investments because of the fees they charge; and (ii) because 401(k)s often force you into mutual funds, 401(k)s are often poor investments.

Of those, I'm only angry about (b)(ii), because the government forces me (with tax incentives) to put money in my suboptimal 401(k).

The rest is just a question of understanding what game you're playing and acting accordingly. I don't see why I should be offended that somebody else gets better access to the markets than I do, any more than I'm offended that my friend who works at the donut shop gets free donuts.