Linkfest: April 20, 2018

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What I am reading today

5 Lessons on Life & Investing from Guy Spier's Education of a Value Investor (Safal Niveshak)
America's "Actual" GDP: The Shocking Truth (Daily Reckoning)


A.I. Researchers Are Making More Than $1 Million, Even at a Nonprofit (NYT Technology)
Law and Autonomous Systems Series: Blockchains and the Right to be Forgotten (Oxford Business Law Blog blog)
Digital South Asia: a brief history of telecom policies in the region (India at LSE)
Essar Steel case: Two steps forward, one step back? (Forbes India Magazine)
Ranked: The Best and Worst State Economies (Visual Capitalist)
Following two legends of jazz (Mint)
Facebook's 2017 Privacy Audit Didn't Catch Cambridge Analytica (Wired: Business)
Jeff Bezos' 2017 Letter to Shareholders: https://www.sec.gov/Archives/edgar/data/1018724/000119312518121161/d456916dex991.htm …pic.twitter.com/GZklP9oyqK (Devin Haran)

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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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