Linkfest: May 01, 2018

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What I am reading today

WhatsApp Co-Founder Leaving Facebook Amid User Data Disputes (NYT Technology)
This Silicon Valley Lawmaker Has a Plan to Regulate Tech (Wired: Business)


Why the T-Mobile–Sprint Merger Will Likely Lead to Higher Prices and Lower Quality (ProMarket)
Need to think out of the box on fund expenses (Mint)
The Largest Export of Every U.S. State in 2017 (Visual Capitalist)
Fostering a Team-Oriented Culture at John Hancock (MIT Sloan Management Review)
Banks and Fintechs: Adversaries or Partners? (Knowledge@Wharton)
This Silicon Valley Lawmaker Has a Plan to Regulate Tech (Wired)
Rangelands versus the economical argument: the case of Tharparkar, Pakistan (India at LSE)
Talk With Class of 2019 Dakshana Scholars – Dec. 24, 2017 (Chai with Pabrai)

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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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