Linkfest: May 22, 2018

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What I am reading today

Inflation: What's YOUR inflation number…. (Subramoney)
Lenovo denies claims it chose Windows over Linux in second row over technology (SCMP: China Tech)


Momentum Monday – I Love Markets of Stocks (Trends... Find them, ride them and get off.)
Supreme Court Rules Against Workers In Arbitration Case (Wired: Business)
Do Callable Corporate Bonds Constitute PRIPs? (Oxford Business Law Blog blog)
Are CEO Appointments in India Caste/Religion Biased? (ISB Insight)
CPEC: a continuum of opportunities and challenges for Pakistan (India at LSE)
SBI likely to report loss in Q4FY18 on rise in provisions, NPAs (Forbes India Magazine)
Perfect your weighing and measuring skills with these projects! (Discover Magazine)
Supreme Court Rules Against Workers In Arbitration Case (Wired)

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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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