I don't agree with his point that employees stick it out for long-term success in other places, while they don't in the Valley. Just because people stay with a company for a longer time doesn't mean that they subscribe to a different culture. I've worked in lots of places, and I got the impression that many people hold onto their jobs due to insufficient opportunities in the local area. If they had those opportunities, and a feeling of better security, I bet that they would move around more.

In a way, it sounds like he wants to have employees hang around longer without the company having to invest in a culture that makes them want to stay. The best way to keep employees onboard is a culture in the company that attracts the employees to want to stay. So many startups have compelling cultures at first, then bring in professional management, or excessive growth, and then the original employees seek their desired culture elsewhere. I sure don't want to hang around at a company that brings in traditional management techniques. I care about who I work with, and the conditions --- these days I think I prioritize those criteria over what I work on (and renumeration is a pretty low priority), because I can make lots of things that I work on interesting, but I can't change the management's attitudes (well, I'm trying to write a book to do so, but I wouldn't want to as a leaf node).