Linkfest: June 12, 2018

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What I am reading today

Chicago Booth's Pradeep K. Chintagunta discusses Amazon's acquisition of Whole Foods and what it means #BoothMKTG http://ow.ly/RQsH30khmM9 pic.twitter.com/92MAN9OF9O (Chicago Booth Review)
Why Protectionism Won't Bring Back Jobs (Knowledge@Wharton)


Repo markets across the Atlantic: similar but unalike (Oxford Business Law Blog blog)
Religions of Ancient Italy (History of the Ancient World)
The land of the rising foot (afaqs!: Guest Articles)
Will discounts on smart speakers give Baidu a toehold in the market for AI-enabled devices? (SCMP: China Tech)
The challenge with implementing public policy (Gulzar Natarajan: Urbanomics)
Opinion | Infosys: The dream company for many generations (Mint)
Infographic: What is a Mutual Fund? (Visual Capitalist)
My bluster on investment (Views on Life & on Equity Investing)

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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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