A Quality Business vs. a Quality CEOby Warren Buffett
There's a difference between the quality of a business and the quality of a management. If it's a strong enough business, it should be able to withstand poor management. If you gave me the number-one pick in the CEO draft, and said he had to run Ford Motor, I wouldn't do it. It would be too tough. A CEO depends on too many things happening that are outside his control, even if he's the best in the world.