I didn't watch the whole thing, because James Altucher's stupidity overwhelmed me.
1) His first complaint is about mutual funds in general (not knowing how they are managed). These days most employers offer an index option, so you actually do know. He mentions fees, but even ETFs have fees and expenses. Doesn't mean they are a bad deal. Sure, you gotta be smart, but we knew that.
2) Tax rates, boy this is where he is truely factually and mathmatically challenged. The top margins; rate is indeed 39.9%. For married filing jointly, the top margin is applied to income over $464,851/year. Income below that amount is taxed at lower rates. Think you'll be pulling that much out of your 401(k) every year? I won't be.
Here's the part where he really screws up on taxes. As you contribute to a 401(k) or a tIRA, you reduce your taxes at the top marginal rate. But you withdraw starting at the bottom rate, after the standard deduction of course. So you are working and at the 40% tax bracket (cough), each dollar you contribute to your 401(k) saves you 40 cents in taxes! That's a great deal. Then in retirement when you starting taking money out and you would be in the more modest 10-15% tax brackets (up to $75,000). Not only did you defer taxes, you wound up paying them at a much lower rate. Not too shabby.
3) 401(k) Reduces salary. Here's where I had to stop watching. If what he is saying is true, then workers should contribute to the 401(k) and get the match because they being paid a lower salary for that benefit. He's arguing against himself.