I disagree with this statement 110%. Let me tell you why.
Small and cheap is a waste of money in the realm of swimbaits. Small, while effective for numbers, lacks the drawing power of an actual swimbait (we'll say 6" and up, which is still relatively small). If you are going to throw swimbaits, then IMO you are looking to improve your size.
Cheap is a relative term so I'm not exactly sure how you are using it. There is "cheap" as it refers to hollow bellies are they are relatively inexpensive in cost per bait. Then there is "cheap" as it refers to different low-cost, single-packed soft and hard baits. Sure, I can buy THREE castaic boot tails for the price of one 6" Hudd, but if that Hudd catches fish and the Castaics sit in the box because you don't get bit on them, where is the value in that?
I went the "small and cheap" route when I first started. I was warned by the guys who were showing me the ropes just as I put this warning in here. I try and let guys know from my own mistakes. The other nice thing is if you figure out that swimbaits aren't really your thing, you can typically resell a quality bait. Using the above mentioned baits, say three Castaics cost you 15 bucks and one Hudd costs you 15 bucks. You WILL NOT be able to get any money back out of those Castaics, unless you return them to the store. LOL. I can guarantee that you will be able to get at least 10 bucks back out of the Hudd.
Just some things to think about. Take it for what it's worth.....