Yes.
A good DM requires two things.
1. An excellent understanding of the basic rules and how the game's logic works.
2. A creative mind that can weave a story.
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Three things:
3) The ability to balance the various personalities at the table, to ensure the game is fun for everyone there.
...
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Anyone playing D&D should have read the PHB (DM's included).
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Now given that the PHB is required reading to play D&D, ...
Interesting post overall but I have to say;
That's just putting up an unnecessarily high barrier to entry. I would have missed out on so many great experiences with family members, kids, friends and just new players if I had said "First, read these few hundred pages", heck if most people had to read the few pages of rules to a board game they would never play. Luckily, it's totally uneccessary IME, if anything some of my most fun and memorable moments were with players who had never read the rules.
I completely agree. I've had great success running games for people who haven't read the rules. They have a character sheet that tells them what abilities they have, and I just follow the 3 basic steps of the game:
-I tell them the situation
-They tell me what they want to do
-I tell them the outcome
When it comes to making a specific roll, I tell them what to do or where to look on their character sheet for information or modifiers. They tend to pick up the rules organically this way pretty quickly, and I've never had anyone really struggle with playing if they start this way.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.