I agree with what you've written, and the phrasing I used was unclear. I was mainly making a note about joining a mid to late stage pre-IPO startup (series B or later) vs joining a large, low growth public company. You can't easily invest in most pre-IPO companies today (though with secondary markets growing in popularity this might change in 5 years). In the case of choosing between two large public companies, sure, take the cash & liquidate your positions as soon as you vest so you can stick them in SPY or vanguard.