This is mostly an argument for people who have either gotten a lot of equity at large public tech companies--at least some of them--and/or just had a lot of money in equities, including large public tech companies, over the past 10 years or so.

Even if someone hasn't won the FAANG lottery, there are a lot of folks, including those that aren't collecting SV-level comp, who have done pretty well being well-invested in diversified equities.