The Importance of Holding Cash

MacKinnon: Cash is always earmarked for the highest best use we don't Sprinkle up and down pro ratta regardless of valuation in order to minimize cash. MacKinnon: We're trying to underwrite to situations where on a low-casebasis Basis would get mid-single digit IRR. He says that's how he tries to forecast out what owners economics are five and six years from now. And so it's essentially a barometer of the opportunity set as far as we can see it I'm doing a lot of assuming here, but just given what I know about the company in the portfolio Please come here from around.

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