Earlier quoted context omitted.
Democracy fails when the demos fails. If you have a lot of stupid people, then you have a lot of stupid laws. So I don't see the problem with democracy, just with stupid people.
Intelligent, well-educated people are capable of appalling stupidity and herd-mentality. Or as Agent K said in Men in Black , "A person is smart. People are stupid."
So I don't agree. It might be, that intelligent people give in to group pressure of a all in all much more stupid group. But even if you have too much stupid people, their collective intelligence still pays off.