Exactly. That's why I'm not really feeling the 'he made a stupid mistake by not choosing Harvard' line of reasoning seen here. This would have happened to the kid whether he was at FAMU or Harvard or DeVrys. Something else was going on with his life, and if it had happened at Harvard folks would still be embarassed for him. And there wouldn't be 'at least he dropped out of Harvard' hindsight.
I think the big fish small pond thing is apt, as well. Goes for high schools, too. 'I was valedictorian of Olan Mills High. We only had 40 students, but I was valedictorian' versus 'I was 30th in a class of 4000 at MegaUrban High.' The latter kid may have outperformed the former on a level playing field, but the latter kid isn't getting the offers the former kid is. What will ultimately matter is what they do with the rest of their life, though. No one cares who was at the top of Bill Gates class, because Bill Gates made that irrelevant. He passed the School of Hard Knocks. I believe he's who any student should aspire to (without the suspect business and charity practices).
Here's somebody who says it better than I can, though (though I don't agree that Valedictorians fail, not at all, and neither does the writer; but he's talking about something else):
Why Valedictorians Fail
"The world of the future belongs not to the “A” students, but to those who can embrace change, see the future and anticipate its needs, and respond to new opportunities and challenges with creativity and agility and passion."
also:
(Karen Arnold, a professor at Boston University) also stated, “they’ve never been devoted to a single area in which they can put all their passions...The opportunities to become famous or change the world as an accountant, for example, are few and far between...They obey rules, work hard, and like learning, but they're not the mold-breakers. They work best within the system and aren’t likely to change it.”
Translation: Valedictorians don’t make good entrepreneurs and investors because they’re afraid of risk. They make great employees.