Linkfest: January 24, 2018

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What I am reading today

Modi Disappoints at Davos (Bloomberg View: India)
How Gender Diversity Enhances the Bottom Line (Visual Capitalist)


Is the account planner still the smartest person in the room? (afaqs!: Guest Articles)
Trade and investment must be engine of ties, says Vietnam PM Nguyen Xuan Phuc (Economic Times)
Tyler Cowen's 12 rules for life (Marginal REVOLUTION)
The problem with plastic: can our oceans survive? (FT Magazine)
A Tractor Beam for Human Levitation? (Discover Magazine)
Curmudgeon or Captain Cool? This AI tool helps HR know your personality from your online footprints (FactorDaily)
Chris Cline: The last coal tycoon (Forbes India Magazine)
I Want To Sleep While I'm Alive (Trends... Find them, ride them and get off.)

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Warren Buffett's 2017 Letter: Takeaways for Indian Investors

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Warren Buffett's shareholder letter for the year 2017 was released a few days back. I am going to take some of the themes in this year's letter and provide an Indian context and takeaway. (For a collection of past shareholder letters organised and annotated around major themes, please check - ' The Essays of Warren Buffett ' by Lawrence Cunningham ). 1. Valuations are expensive. So Buffett didn't do any big deals last year. Others may ignore the level of prices and pay any price to do deals. But not the Oracle of Omaha. - Indian valuations are stretched too. The Sensex P/E currently stands at 23.xx. High PEs tend to foreshadow lower returns in the next few years, till valuations moderate. A wonderful table compiled by Stableinvestor.com  shows this trade-off very well. With a starting PE of 24+ (which is very close to current levels), the 3 year return has been -5% historically. The takeaway for Indian investors is: valuations are stretched. The thing to do now...
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