Linkfest: May 19, 2018

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What I am reading today

When Thousands Filled a Hilton Ballroom to Ponder the Future of Bitcoin (NYT Technology)
A Central Banker's Plan for Your Money (Daily Reckoning)


Delivering the Mail Was Once One of the Riskiest Jobs in America (Smithsonian History)
How Scooters Are Helping Haryana's Women Get To Work (IndiaSpend)
In Madras, it was always summer (Mint)
a16z Podcast: B2B2C (Andreessen Horowitz)
Book Review: Fashioning Diaspora: Beauty, Femininity and South Asian American Culture by Vanita Reddy (India at LSE)
Interesting ideas in this thread: https://twitter.com/mebfaber/status/997498990475161601 … (Devin Haran)
When Indians make first contact: Earth to Centauri, an enjoyable anti-highbrow tale (FactorDaily)
Ethiopia is still up and at it (Marginal REVOLUTION)

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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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