Linkfest: June 28, 2018

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What I am reading today

Carmakers are an undeniable voice in the Brexit debate (Martin vander Weyer)
Delaying Babies, Using Toilets Could Roll Back Anaemia Crisis Of Indian Women (IndiaSpend)


Imagine Alternatives to Negotiate More Ambitiously (INSEAD Knowledge)
A few mid-week reading links (Gulzar Natarajan: Urbanomics)
Shifting Entrepreneurial Gears (Ivey Business Journal)
The Failure of Ed Reform (mathbabe)
Imagine Alternatives to Negotiate More Ambitiously (Insead)
The Skills Needed to Survive the Robot Invasion of the Workplace (Visual Capitalist)
How did Facebook conquer Buri Nazar? (afaqs!: Guest Articles)
Xiaomi lives up to its name of 'little rice grain' as IPO fails to impress (SCMP: China Tech)

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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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