July 2009 Letter
Many of our clients and friends have commented that they find our quarterly letters thought provoking and not just a rehash of the recent performance of the financial markets.
This quarter we discuss two important subjects, Charlie Munger and current financial markets. We review Charlie Munger’s approach to investing and give some insight to the long-term success he has achieved. Secondly, we share some of our thoughts regarding the current financial markets and draw some conclusions as to how portfolios should be positioned.
On a personal note, it is hard to believe that Covington is about to conclude its fifth year providing investment management to families, foundations, endowments, and retirement accounts. We currently manage in excess of $1.1 billion, and thanks to clients, friends and third party referrals, that number continues to grow.
We are proud to announce the addition of Susan K. Riechel to our staff. Susan is an old friend to most of us at Covington, having worked with her at U.S. Trust where she managed the Fixed Income Department on the West Coast. Susan is a seasoned veteran with many years of experience in investment management and will add depth and strength to our bond efforts. She enjoys working with clients and helping them achieve their fixed income objectives. We look forward to introducing Susan to each of you.
Munger
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