Weekly links
Interesting paper on the merits of low volatility stocks
Greenbackd on Benjamin Graham – Skill or luck ?
MUST READ: Howard Marks Q4 memo. Time to be cautious, at least for bonds.
Bruce Greenwald on Apple and Amazon
Cable TV seems to have one more life
value and opportunity 
Greenwald said nothing new about mobile handsets.
In early November, I looked at the development of Nokia in the 90’s. Even then analysts spoke of a fashionable business, although the dethroning of Motorola was also due to the changeover from analog to digital.
Nokia said at the time, that mobile phones would be renewed more because of lifestyle as under a technical point of view. But lifestyle could change quickly.
Apple’s margins and growth depend on new products. Their TV expertise is difficult to assess, and then there are rumors about an Apple watch.