Linkfest: April 09, 2018

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What I am reading today

Why Urban Indian Women Turn Down Job Opportunities Away From Home (IndiaSpend)
India Market Cap Growth: 2008 to 2018 ()


Is College Worth the Cost? (A Wealth of Common Sense)
Handle Panasonic with care after Tesla electric shock (Mint)
Welcome to Salem, Witches: "Timeless" Season 2, Episode 4, Recapped (Smithsonian History)
Less churn more gain (Dr Muthukrishnan)
Did India grow slower than the world when the Nehru-Gandhis were in power? (India at LSE)
What if we paid for Facebook? (Marginal REVOLUTION)
Trust a broker's report? (Subramoney)
Groups Allege YouTube Is Violating Law That Protects Kids (Wired: Business)

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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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