Good product managers send their status reports in on time every week, because they are disciplined. Bad product managers forget to send in their status reports on time, because they don’t value discipline.
He uses the word "discipline" but I really think he's getting at consistency. People who are serious about management (any kind really) are at the core attentive to the power of habits and consistency. It's not about the one time you do an awesome thing but the great stuff you can do consistently. As habit.