There are no "bad markets", just bad strategies / operators?

[Shiva Bhaskar]

I've been thinking about this a lot. We focus in one market (Los Angeles), and have a strategy that has thus far worked. I've had folks tell me the market we're investing in is a good place to by real estate, and others tell me that it's a terrible one. I've heard the same about Cleveland, Tampa, New York City, Phoenix, Detroit, and every other metro area in the country. 

This got me thinking. I know someone who is based in and operates in Detroit (which gets beat up on constantly in investing circles), doing flips and the BRRRR strategy for medium term holds. He's done very well, by any measure of returns. Yet, I'm sure others in Detroit, using the same strategy, or a different one, have had trouble. Know folks in Cleveland with similar situations.

 Locally, in LA, I've seen folks get burned, despite how "good" of a market we're in. Often, their strategy was off, or they didn't execute well.

So, this raises the question: Are there any "good" markets? Or, is that different for each person? My view has been that the operator and the strategy is at least as important as market, but open to hearing otherwise.