Linkfest: July 26, 2018

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What I am reading today

Updater Services: Beating the staffing blues (Forbes India Magazine)
Full-fibre broadband by 2033? I wish I could believe you, minister (Spectator: Martin Vander Weyer)


Nasdaq 10,000 is a Lock…But Can You Handle Nasdaq 5,000 On The Way? (Trends... Find them, ride them and get off.)
IDG Contributor Network: Advice for buying or building a digital platform (CIO IT Strategy)
Six Reasons CEOs Fail (INSEAD Knowledge)
Guatemalan Immigrant Luisa Moreno Was Expelled From the U.S. for Her Groundbreaking Labor Activism (Smithsonian History)
Why it is difficult to regulate 3D-printed guns (Economist Explains)
How A Worldwide Parasitic Infection Might Shape Human Behavior (Discover Magazine)
Facebook Just Learned the True Cost of Fixing Its Problems (Wired: Business)
Buy and Hold: easy to say! (Subramoney)

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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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