Linkfest: February 17, 2018

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What I am reading today

The most popular answer to our quiz was Obama. The correct answer is Harry S. Truman, who during his second term saw a 17.53% annualized rate of return in excess of the 3-month Treasury rate. Learn more about stock returns and presidencies at CBR: http://review.chicagobooth.edu/economics/2017/article/why-stock-returns-under-trump-might-disappoint-investors … (Chicago Booth Review)
no posts… (Subramoney)


A beautiful moral dinosaur in the age of #MeToo (Mint)
a16z Podcast: How Tech is Changing Investing (Andreesson Horowitz)
Special Edition – A Must-Read Crypto Alert (Daily Reckoning)
Labor Board Rules Google's Firing of James Damore Was Legal (Wired)
Kooky tendencies (Views on Life & on Equity Investing)
Will Trump's Big Aid Cuts Hurt Chances for Reform? (Center for Global Development)
Labor Board Rules Google's Firing of James Damore Was Legal (Wired: Business)
a16z Podcast: How Tech is Changing Investing (Andreessen Horowitz)

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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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