Actually, I think he is right on that one. Management is criteria ONE. Think of it this way:
If it's a great idea, but bad management, the investment WILL tank.
But if it's a bad idea, but great mangagement, the investment has a chance because great management will recognize as such and adapt to a better idea.
If it's a great asset, but management mismanages it, the investment WILL tank.
But if it's great management of a lousy asset, the investment has value.
Same with a great/bad product, etc. etc. Management is always the ONE criteria.
Krombacher
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