When looked at in this light his advice is spot on for me. The kind of projects I work on would quickly get bogged down and have high failure chances without automated tests. When my current employer was in the startup phase they ignored testing, were making tones of money, hired tones of devs and wrote tons of code. At least they wrote tons of code for the first couple years then they hit a wall where it became incredibly difficult to add new functionality. Now that they have been writing automated tests for 5 years new functionality is comparatively easy to add to anything but that original project (which is still running making money but very hard to change). This is server side financial processing, user management, business logic code.