August 2008 Letter
Webster’s Dictionary describes the word tempest as "a violent storm, often with rain, snow, hail, etc." There is little doubt that the current stock market volatility has all the ingredients of a most challenging investment season. We suspect this tempestuous season will remain with us – at least until after the November election.
However, as you will read in the enclosed material, we at Covington remain strong optimists regarding the future. As evidence of this confidence, we recently signed a ten-year lease in our building, and last week moved from Suite 4400 to Suite 2000. Other than our new suite address, our contact information remains the same. Please visit us if you are in the neighborhood.
Covington’s successful growth has come from many sources, including referrals from our clients and friends for which we are most appreciative. This fall marks the beginning of our fifth year helping clients to preserve and grow their capital. The experienced managers at Covington know that bad times come and go, but long-term prospects remain bright.
Seasons
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