I like his advice somewhat. Index funds seem like a great suggestion for someone starting out. If you are just starting out, going with a portfolio of something like 80% VOO, 10% BND, 5% VWO, 5% $REET will give you pretty decent diversification, and you won't need to think about things much. I personally add in emerging markets ETFs and commodities ETFs, and then have 5% of my portfolio as play money where I choose industry specific ETFs that I think will be performing well short-medium term, and it satisfies my want to gamble.

Don't listen to any of my advice if you are drawn to stocks because you want to read 10-Ks and learn all the fundamentals about a company. I like that stuff, but prefer to just invest in the market in general.