The call to setActivationPolicy: currently happens in applicationDidFinishLaunching:, but this is too late because at this point the application has already activated. One noticeable side effect is that the menu bar does not update to show Stash's menu and using any menu item's key equivalent while in this state causes the menu bar to be redrawn in all white.

A simple fix is to move initialization of STAPreferencesController and the initial activation policy switch to the app delegate's init method, but I wasn't crazy about loading a nib at this point so I figured I'd just raise the issue and ask how you want to handle it.