Linkfest: June 22, 2018

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What I am reading today

New Species of Gibbon Unearthed in Chinese Tomb (Discover Magazine)
How does debt fund's maturity roll-down help manage market risk (Moneycontrol)


Why the Supreme Court's software patent ban didn't last (Ars Technica)
A New Global Debt Crisis Has Begun (Daily Reckoning)
YouTube Will Let Creators Sell Subscriptions, Merchandise, and More (Wired: Business)
Was the Marketplace of Ideas "Politically Hijacked"? (ProMarket)
India's GenNext entrepreneurs: Trading up (Forbes India Magazine)
Sundari Anitha and Ruth Pearson on "Striking Women: Struggles and Strategies of South Asian Women Workers from Grunwick to Gate Gourmet" (Part 2) (India at LSE)
L'Intégration du Commerce en Vue de la Réalisation des Objectifs de Développement Durable (Brookings: Economics)
Visibly Upset at Work? Blame It on Your Passion (INSEAD Knowledge)

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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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