[cayblood]

"That, not exploiting people, is the defining quality of people who become billionaires from starting companies."

This is one of the sentences in the essay that most reveals Graham's reductionism. A person can become a billionaire without any desire to exploit someone and still the conditions resulting from the success of their organization can, and often do, result in exploitation. Even a brief study of organizational behavior reveals that all organizations do damage, some more than others. We don't need to keep defending organizations. They can handle their own defense. Individuals, on the other hand, are far more vulnerable.