Linkfest: July 09, 2018

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What I am reading today

Law and Autonomous Systems Series: What is a Smart Contract? (Oxford Business Law Blog blog)
Child-Lifting Rumours: 33 Killed In 69 Mob Attacks Since Jan 2017. Before That Only 1 Attack In 2012 (IndiaSpend)


Takeaway From the New Billionaires Ranking: Zuckerberg and Bezos Don't Give Away Enough Money (Felix Salmon)
Maternal and newborn health in Pakistan: risks, challenges, and the way forward (India at LSE)
Chinese AI firm Xiaoi sees profits and sales doubling on surging demand, plans IPO (SCMP: China Tech)
Fyle: Making reimbursement filing a breeze (Forbes India Magazine)
Something I Changed My Mind About Recently (A Wealth of Common Sense)
Unemployment Doesn't Have to Be So Damaging (Insead)
Why Share? (Trends... Find them, ride them and get off.)
Safal Niveshak is 7 Years Old (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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