Warren Buffet has always said that he likes to invest in businesses that are so great that even an idiot can run them (because often an idiot will be running them).

Any company that is thrashing around, constantly changing priorities, executive turnover, lots of layoffs is obviously being poorly run, yet this is typically exactly what happens when a new CEO is bought in to fix whatever was ailing before: the almost inevitable new-CEO plan: fire executives, bring in past cronies, have a few layoffs (because he's a tough guy, making those tough decisions), and change company priorities. Rinse and repeat - in a few years there'll be a new CEO coming in and doing the same again.