January 2009 Letter
As mentioned in our October 2008 letter, we were in the middle of a free falling stock market. Although some stability in the averages took place in December, the near term outlook still suggests caution.
Attached are our thoughts on the 2009 investment background. The new administration in Washington is inheriting a long laundry list of economic and political challenges. It will be interesting to see the reaction of consumers and the business community to the vast sums of money that are being proposed to "right the ship." Once again, please be reminded that there has never been a stock market correction that has not proven to be a buying opportunity.
As Covington Capital Management begins our fifth year, all of us wish you good health and restored prosperity in 2009.
Ghosts
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