Linkfest: July 04, 2018

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What I am reading today

GE's decline is a warning to Corporate India (Mint)
How to Craft a Winning Value Proposition (Visual Capitalist)


Understanding China's Modern Corporations and Corporate Groups Through Their 19th Century Precursors (Oxford Business Law Blog blog)
Why Meeting Customers' Expectations Isn't Enough (INSEAD Knowledge)
Shoddy Sanitary Napkins Impact Menstrual Hygiene Drive (IndiaSpend)
The Dark Side of Emotional Contagion (European Business Review)
Why Meeting Customers' Expectations Isn't Enough (Insead)
Why "grib"? (Marginal REVOLUTION)
Facebook Ads Offer Peek at Looming Supreme Court Fight (NYT Technology)
.@Girls20 has announced the 26 Delegates selected to attend the 9th @Girls20 Summit this October! #Bain is proud to support Girls20 & excited to see these intrepid young women shatter the glass ceiling in Argentina. https://youtu.be/koQMEFPjI1U pic.twitter.com/Peevt3nljI (Bain Alerts)

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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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