My recollection differs slightly from Kelly's. In the days when most fly rods were fiberglass, rod warranties did not exist. And except for some custom rods, prices topped out at $75. Then Fenwick introduced graphite rods in 1973. And there were some material, design, and production problems and a lot of these new fangled $150 graphite rods broke. No warranty, but Fenwick and the shops worked with customers to make things right for everyone as much as they were able. Then Sage entered the marketplace scene in 1980, and their rods cost even more. Still no real warranty, but they were a new and good thing and they sold well. But by the late 1980s, Sage and some other rods crossed the $300 price point. To cushion the blow, many of the manufacturers introduced the lifetime, no-fault warranty. Orvis may have been the wiser business and saw how flawed that concept was, so they introduced their 25 year warranty.
Fast forward to just a few years ago and Sage saw what an unsustainable business practice those lifetime warranties are, and they up and changed it, thereby double-crossing all those customers who, over the years, were persuaded to pay the higher price for Sage rods because of the fabulous warranty they came with. While I have and like some Sage rods, I won't buy another because I won't do business with someone who double-crosses their customers. It's not the customers' fault that those warranties were an ill-informed and unsustainable business practice. The fault lies entirely with Sage and any other company that offered warranties that they couldn't realistically stand behind. A company with integrity would stand behind those lifetime no-fault warranties and change the warranty and policy on all new rods going forward, not changing the warranty on rods sold long ago.
Anyway, Kelly's right. There are very good rods at almost every price point. The industry is just that good. I don't test cast new rods very often of late, but when I was doing it I was amazed at how few "bad" rods I encountered. And to be honest, most of those not so good rods were lower priced rods, but even so, there are some few higher cost rods that are real dogs IMO. And that's just it. Because rods are personal, there is a perfect or near perfect rod for every caster at every price point.