Linkfest: April 01, 2018

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What I am reading today

Why the move for a separate Dravida Nadu is bound to fail (Swaminathan A Aiyar)
a16z Video: Pande and Conde on Players and Paths for Healthcare Startups (Andreessen Horowitz)


Bullish on Collectibles (Trends... Find them, ride them and get off.)
Blockchain vs. European privacy law (GDPR) (Marginal REVOLUTION)
Silicon Valley Warms to Trump After a Chilly Start (NYT Technology)
a16z Video: Pande and Conde on Players and Paths for Healthcare Startups (Andreesson Horowitz)
Nota bene: Cooking warm, cooking cool (Felix Salmon)
20 Ancient Greek Proverbs (History of the Ancient World)

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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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