Linkfest: July 14, 2018

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What I am reading today

'It Won't Happen to Me': Why People Don't Prepare for Disasters (Knowledge@Wharton)
a16z Podcast: The Scientific Revolution of Ancient DNA (Andreessen Horowitz)


Infosys posts Rs 3,612 crore net profit in Q1 FY18; misses estimate (Forbes India Magazine)
All the Problems With WeWork's Tyrannical New "No Meat" Policy (Felix Salmon)
Mistakes defence people make (Subramoney)
Editors' Briefing: This Week in Political Economy (July 7–13) (ProMarket)
Major TV news networks are derelict in their duty to provide vital climate change context on U.S. heat waves (Discover Magazine)
Nasdaq 10,000…I Am Really Serious (Trends... Find them, ride them and get off.)
Climate Change Crisis: Why Fatuhi Khera In Punjab Changed From Cotton To Rice (IndiaSpend)
a16z Podcast: The Scientific Revolution of Ancient DNA (Andreesson Horowitz)

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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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