Stephen J. Errico the managing member of Locust Wood Capital started 2018 on a cautious note. As we covered earlier this year, in his full year 2017 letter to investors, Errico warned that after a strong performance for markets during the second half of 2017, 2018 was likely to be more subdued, and while markets could move higher he warned “we need to be cognizant that’s a lot of this good news is already priced in.” Locust Wood returned 13.4% net for partners in 2017. So far this year, it seems as if Errico’s prediction is coming to pass. According…
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