Weekends are a good time to take stock of everything that I’ve put into my brain during the week. I’ve been chewing on a couple things: how much cash I should be holding, trimming certain non-core positions, and whether to add more ordinary income / Yield investments.
Come Monday I’ll be trimming a small position that has no distribution to reallocate to other opportunities. My process isn’t perfect. While I think the position on the way out has merit and is low risk – it doesn’t fit in my underwriting box. I can tell because (1) not paying distributions is explicitly something that goes against the primary goal of building further investment income and (2) in my gut it doesn’t feel high conviction despite the very low risk nature of the investment.