April 2008 Letter
Since starting Covington Capital Management in September 2004, we have written fourteen quarterly letters to our clients and friends on a variety of investment-related subjects; however, none has been more challenging than to share our current thoughts on the turmoil in the economy and our financial markets.
Our letter entitled "Over Built, Over Borrowed, Over Lent" has serious implications; however, we live in a resilient world and for all of the negatives to be considered, lots of good things are happening and most declines create opportunity. The chart on the bottom of page two gives each of you a chance to see where you believe we are in the investor psychology cycle.
In spite of the volatility during the past quarter, Covington clients have continued to achieve results that are consistent with their objectives and risk tolerance. As a result of many of you referring clients to our firm, our growth of assets under management continues to meet our long term expectations.
Over Built
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