January 2007 Letter
As we begin 2007, it is appropriate to take a brief look back and then a longer look at the future. The markets showed considerable strength in the latter half of 2006, with all of the major indices posting double-digit returns. The enclosed “Investment Background” summarizes our thoughts on the major trends impacting the markets as we look forward. As always, the challenge is to identify the forces that will dominate in the coming year.
The second part of this letter consists of our thoughts on the important topic of “Evaluating Investment Performance.” There are certainly many different approaches to this task, so we thought that giving you our view would be appropriate at this time of year. Your comments and questions are always welcome.
Thanks to all of our clients and friends, Covington has finished 2006 with commitments to manage over $800 million for individuals and institutions, including foundations, endowments and retirement accounts. As we continue our growth, we do appreciate your mentioning us to your friends and business contacts.
All of us at Covington wish you and your family a healthy and prosperous 2007!
Investment Background
Evaluating Investment Performance
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