Is Speaker Termination Required?

Had a very interesting conversation with an engineer at work today and I need you guys to clarify something for me. This �Senior Electrical Engineer� told me that he has never terminated his speaker cable to his amp or loudspeakers he uses bare wire connection, he told me this elaborate reason why, but the end result was �it�s the best connection possible�

He is using an older McIntosh and Ohm speakers and has had them connected since the 80�s and the connection is as good as gold he told me.

Is there any truth to he train of thought?

Thanks

Kev