issue

1. Point of discussion or dispute.

2. Offer of securities (shares or bonds) to general public through a stock exchange, or to a select group through a private placement.

It's fascinating how differently the same business can perform with two different leaders. We look first for intellectual honesty. It drives me crazy when you meet with management and there are real issues and they act like they aren't there. Also important is a contrarian bent, a confidence to go against the prevailing trend. You generally don't want people who are saying this is what we should do because this is what others are doing. You want people who are spending when others are not, and taking chips off the table when everybody else is putting them on.

• What Counts Most in a Merger