The Dow should not be a lagging indicator. Rather, given its iconic position, it should hold the "best" companies in America. Not extremely poorly performing mega-bricks – like GM.
The people at the top get there through a combination of factors. There is no litmus test to be a CEO – not even consistent production of good results.
The good professor's point of view was that he observed a lot of companies that were efficient which didn't survive, and several not all that efficient that did survive.
Apple became much more as it succeeded with the iPod, iTunes and iPhone. But many analysts, business news pundits and investors wanted all the credit to go to CEO Steve Jobs.
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