Absolutely true, although it's not as bad as it once was. And if you can manage to choose well (i.e. by earning stock at multiple companies, some of which go on

Absolutely true, although it's not as bad as it once was. And if you can manage to choose well (i.e. by earning stock at multiple companies, some of which go on to IPO), it's possible that equity can (more than) make up for it, but it's definitely a bumpier ride. One has to choose where to invest their labor like a VC chooses where to invest their cash, and to build a portfolio over years. The other alternative is to be a founder, but not everyone is up for that.