A large company is like an oil tanker. Its never clear whether that oil tanker can be turned fast enough to avoid the ice berg. And thus, its never clear whether its the CEOs fault, or the circumstances. Too much complexity.
Perhaps. But the profit and loss accrues to the owners, no matter what. The buck stops there, fairly or unfairly. So the investor has to allocate capital wisely, and pick CEO's as best they can.
