April 2009 Letter
The attached quarterly letter might also be called “Lessons Learned” when it comes to trying to understand the economic background and the financial markets for the past several years. The last decade has not allowed most investors to achieve their investment goals and all are now trying to decide how to recover.
Covington’s basic investment approach during this down cycle has been defensive. We now believe stocks have declined far enough to be susceptible to positive surprises and that adding to equity positions should be considered. Whether any upturn will be a bear market rally or the start of a new bull market is uncertain. Either way, the healthy stock price increases over the last month have been welcome.
Covington continues to add relationships and assets under management. We very much appreciate the confidence of clients and friends who have been so supportive.
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