How much of a difference should investors expect when General
Motors—or any company—brings in a new chief executive?  Not
much.  This past week, GM's chief executive officer, Frederick
"Fritz" Henderson, stepped down under pressure from the
company's board. His defenestration follows the announcement
earlier this fall that Kenneth Lewis will be exiting as CEO of
Bank of America.  Heath Hinegardner  It seems obvious that
getting the right boss in place ought to make all the difference
in the world. Think of Steve Jobs parachuting back into Apple
and powering it to record profits, or Alan Mulally steering Ford
Motor through Detroit's collapse, or James Dimon navigating J.P.
Morgan Chase through the financial crisis.  Management is
important, which is why Warren Buffett puts such stock in the
character of the people who run the companies he invests in. But
management isn't nearly as important as many investors think,
which is why Benjamin Graham, Mr. Buffett's mentor, paid so
little attention to it. In fact, Mr.