Linkfest: March 20, 2018

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What I am reading today

Governing Cryptocurrencies through Forward Guidance? (Oxford Business Law Blog blog)
Financial Myths in your head (Subramoney)


Billionaires Behaving Badly Have Their Uses (Gadfly: Andy Mukherjee)
Dogs Were Transported Across Great Distances for Ancient Maya Rituals (Smithsonian History)
Cambridge Analytica Is Finally Under Fire Because of Whistleblowers (Wired: Business)
Condoms, pregnancy test kits and lubricant top sales charts for Alibaba's new 30-minute express delivery (SCMP: China Tech)
Future of retail (Forbes India Magazine)
Momentum Monday…Will Facebook's Faceplant Carry Over? (Trends... Find them, ride them and get off.)
Self-Driving Uber Car Kills Pedestrian in Arizona, Where Robots Roam (NYT Technology)
An out-of-control Chinese space station will soon fall to Earth (Economist: Graphic Detail)

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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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