Linkfest: June 05, 2018

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What I am reading today

Is a Bank Regulation Rollback in Consumers' Best Interest? (Knowledge@Wharton)
Nota bene: Tabular figures (Felix Salmon)


Chai With Pabrai: ET Now Interview (Chai with Pabrai)
Microsoft's GitHub Deal Is Its Latest Shift From Windows (Wired)
Harvey Nash Mashed (Barel Karsan)
Balancing the Chinese presence in Sri Lanka: India and Japan's great game of the Chinese stag hunt (India at LSE)
How to help the retired have financial dignity (Mint)
How GDPR affects Indian companies with business interests in EU (Forbes India Magazine)
Accenture Launches New Innovation Hub in Metro Detroit; Will Add 200 Jobs to Region's Growing Tech Community (Accenture Digital)
Is Social Media Associated with Real-World Violence? A Study of the US President's Tweets (ProMarket)

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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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