As you might suspect from my chosen pseudonym, my work mainly revolves around ETFs and using these to build low-cost, diversified portfolios. And, in my own portfolio, I practice what I preach. In fact, as of the market close today, ETFs comprised 78.71% of my portfolio, with an additional 11.48% currently held in cash. You know, for that inevitable downturn once the Trump euphoria wears off. That is going to happen, right? Right?However, I still hold a few individual stocks. Of these, at 3.26% of my portfolio, Apple is my single largest individual stock position. I've previously written about the reasons why. As a matter of fact, I just took a peek at that article and had to smile. In the article, written on May 2, 2016, I justified adding to my position at $93. No, I had no idea that it would trade at $132 a mere 9 months later. It's just that I liked it at $93, that's all.And why, exactly, do I like Apple stock so much? I mean, the company has lost its way, right? With Steve Jobs gone, there's no more innovation, no more rapid growth. It's not at all clear whether they will ever have another hit like the iPhone. Dump this loser! You must sell! Or so I have read, ad nauseum.OK, so, in brief, here is my odd little perspective on that stock. To me, it's sort of like getting a bond and a stock in one. That cash hoard now stands at $246 billion. BILLION! And yes, I know that most of it is outside the U.S. and subject to tax on repatriation. But there is a reason Apple has refused to repatriate at a 35% tax rate. And guess what. They will likely get a chance to do so at a much lower rate. Lastly, even if that doesn't happen, did I mention that their cash hoard stands at $246 billion? Let me ask you a question. What do you think the default risk on Apple's dividend to be compared to the default risk for many bonds you might choose to buy? To be perfectly clear, coupon payments on a bond are contractually owed you. Apple's dividend is not. Still, think about my question.Oh yeah, and then there is this. Your dividend won't go up with a bond. With Apple, it almost certainly will.Finally, yes, growth has slowed. If you're looking to quickly rack up a 50% gain on a stock, I am not suggesting Apple to you. But if you are looking for a stock that will likely simply grind out a gradual accumulation of wealth over time? You might want to think about Apple.One last thing. If you are a clever soul, and I know that you are, you might take a look at the article I linked revealing my own portfolio as of 12/31/16 and notice that Apple held a weighting of 4.07%. As alluded to above, today that weighting stands at 3.26%. That must mean I sold some. In fact, I did. But don't make too much of it. Apple has had a great run since year-end, rising from about $116 to today's $132. Based on that strength, prior to my recent sale it had risen to a weighting of over 4.5% in my portfolio. I decided to take a little profit (remember those shares added at $93?) and diversify that small piece into other things.And in that last revelation is my final suggestion for you. Don't get too fond of anything. I still love Apple. I'm just loving it at a 3.26% weighting these days.Until next time, I bid you . . .Happy investing!