The key to being a good chief is instilling team loyalty. Establishing loyalty and chain of command are paramount to being a good chief. The rest is kind of secondary. (there's a thread on here which is a perfect example of a chief seemingly not doing this, where interns are comfortable assigning the chief duties). My best chief had high expectations of his charges but was always ready to jump on the grenade. If an intern inadvertently ordered a study or consult an attending didn't want, or otherwise missed the ball, the chief was quick to jump in and tell the attending "I told him to do that", "It was my fault, I should have done X", etc., take the hit from the attending and then privately scold the intern. There was never any question who was in charge -- the chief answered to the attendings and we answered to him. Teaching is less about strategy and needn't be done in a Formal setting (in fact many argue that didactics are the least useful teaching format); there will be things you just know because you have more years on the job. Teach what you know, whenever it's opportune, and read up on what you don't.