I'm trying to get my head around higher price levels in the future and am thinking of it this way - Berkshire Hathaway (or google etc etc) launched at a price range that could attract general individual investors. Mom & Pop could buy a decent amount (though more than what early / insiders got it for). Then as it started to rise many individuals stopped being able to buy a big chunk of shares and could maybe get a handful. Eventually, with continued success and over time, it became part of fund managers portfolios and then part of institutional buying.

By no means a perfect analogy, but when I read back to 2011 the similarities are there. We're still at Mom & Pop stage with a lot more traders in the mix.