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Your cover letter shouldn't be a novel. Just like a resume, a cover letter is read quickly. This is also why formatting is an important aspect of both your resume and your cover letter. You want them to be readable and scanable.
If your cover letter is too long, you run the risk of losing the reader's attention. On the other hand, you shouldn't take brevity to the extreme. Your cover letter should be short, but it should also say something.