Linkfest: May 17, 2018

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What I am reading today

The brouhaha over mutual fund costs (Mint)
A record of ancient Rome's economy turns up in a glacier in Greenland (Economist: Graphic Detail)


In the lab with Xbox's new Adaptive Controller, which may change gaming forever (Ars Technica: Features)
India's plan for a digital sky finally preps for takeoff as pilots begin (FactorDaily)
Fashology Breakout – Apple, LULU and Nike (Trends... Find them, ride them and get off.)
In the lab with Xbox's new Adaptive Controller, which may change gaming forever (Ars Technica)
What's the link between Behavioural Science and Mutual Funds? (afaqs!: Guest Articles)
*Bull Shit Jobs: A Theory* (Marginal REVOLUTION)
Tech Firms Move to Put Ethical Guard Rails Around AI (Wired: Business)
a16z Podcast: Network Effects, Origin Stories, and the Evolution of Tech (Andreesson Horowitz)

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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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