Linkfest: June 25, 2018

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What I am reading today

Is Public Engagement A Duty for Scientists? (Discover Magazine)
Carpe Volatility…Bitcoin and Amazon (Trends... Find them, ride them and get off.)


...and you thought AC ads are boring! (afaqs!: Guest Articles)
Chinese facial recognition start-up Megvii makes push into Southeast Asia (SCMP: China Tech)
Firms shouldn't raise debt without enough cash flow: Ajay Hattangdi (Forbes India Magazine)
The Indus Waters Treaty: an exemplar of cooperation (India at LSE)
The Quarterly Result Madness (Subramoney)
Solve for the "not a detention center" equilibrium (Marginal REVOLUTION)
'Frankenstein' Author Mary Shelley on Creativity (Brain Pickings)
High Quality Vs Low Price (Safal Niveshak)

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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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