And historical data can be extremely useful, e.g. when looking at seasonal or cyclical trends (woe betide the grocer who doesn't stock up on turkeys in mid November, which means woe betide the grocer who doesn't order turkeys in the summer).
Yes, he's absolutely right that data management and privacy impose a cost: the cost of storing a GB of data is more than S3's 10¢. It takes a human being to make a judgement call about whether this data is likely to be worth its overall cost and risk. That's why managers and other decision-makers get paid what they get paid. 'Data is a liability' is a nice soundbite, but it doesn't capture the full reality; one can't manage to soundbites.