Silicon Valley’s ‘player‑coach’ fantasy misses the point of good managers

• In today’s CEO Daily: Diane Brady debunks the latest management trend.
• The big leadership story: Investors aren’t buying Enrique Lores’s new plan for PayPal.
• The markets: Mixed globally after the S&P 500 touched another new high Wednesday.
• Plus: All the news and watercooler chat from Fortune.

Good morning. Few things transform a career or a company like an excellent boss. Most of us have had them and we know what it looks like in others.