We've taken a more active view [since 2008] on adjusting position sizes so they best reflect our level of conviction and return expectations. We're not at all becoming market timers, but we're much less apt today to let a 5 percent position through appreciation become an 8 percent position unless its prospective return has commensurately [...]
We’ve never been that fond of the hotel business because the tenants move out every night. That makes the business susceptible to economic swings in a way that office uildings with long-term leases to credit-worthy tenants aren’t. We prefer to see more predictable streams of cash flow than lodging companies typically have.