MooreBonds
Thinks s/he gets paid by the post
I usually buy only $5000 worth to limit exposure. When rates started to rise or were supposed to rise I added to the position because this was a floater.
The $5k +/- self-imposed limit is also what I typically try to follow for preferred issues - I might pick up a $3,000-$3,500 position in the common if I think it's a decent risk-adjusted yield play (mainly for BDCs). I did own ISM/OSM in the past, way back when they were first discussed on the forum, but sold before the plunge a few years ago. I was too afraid of all of the uncertainty surrounding if student loans would be detached from gov't oversight, if they would kick Sallie to the curb from the gov't halfway house and make her fend for herself (and not have near the value without the gov't backstop on the loans), so I didn't want to touch it with a 20ft pole.
Of course, given some of the other crazy risk decisions I've made (damn shipping companies....ahem), you'd probably ask why I didn't try a encore attempt with ISM/OSM. But, one of those many investing regrets.