This week’s readings include the 4Q 2016 updates from Lighthouse Advisors and the Amala Emerging Asia Fund, Warren Buffett’s annual letter to Berkshire shareholders and a look at the increasing global impact of Chinese consumers by Jeffrey Towson at Peking University.

• Lighthouse Advisors: Benjamin Koh’s 4Q 2016 update to investors. Includes detailed market commentary and how investors should think about government subsidies.
• Warren Buffett’s annual letter: Make sure to read the section where he discusses his long bet with Protege Partners and explains why investors should stick with index funds.
• The small, tight circle that runs Hong Kong: Philip Bowring says that Hong Kong is stagnating because it has been in the grip of the same clique of rich and powerful figures for too long.
• My 5 predictions for Chinese consumers in 2017: Jeffrey Towson, who used to work for Prince Al-Waleed, looks at the increasing global impact of Chinese consumers.
• Amala Emerging Asia Fund: Ayaz Motiwala discusses the challenge of making US dollar returns given Asian currency headwinds and highlights some current portfolio holdings.