Linkfest: March 31, 2018

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What I am reading today

Chart of the Week: Gender Pay Gaps around the World Are Bigger Than You Think, and Have Almost Nothing to Do with Girls Schooling (Center for Global Development)
Better Nutrition In Early Life Could Give India 3.17 Million More Graduates (IndiaSpend)


Cloudflare's New Encryption Service Adds Privacy Protection (Wired: Business)
*The Away Game: The Epic Search for Soccer's Next Superstars* (Marginal REVOLUTION)
How Youth Can Help Solve the World's Toughest Problems (Knowledge@Wharton)
Steps and Levels of Autonomy (Andreessen Horowitz)
About the defamation of male bonding (Mint)
How Youth Can Help Solve the World's Toughest Problems (Knowledge@Wharton)
Patel's Business Secrets - Video On the Dhandho Investor (Chai with Pabrai)
Cloudflare's New Encryption Service Adds Privacy Protection (Wired)

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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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