### WordPress - Web publishing software
Copyright 2011-2019 by the contributors
This program is free software; you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation; either version 2 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin St, Fifth Floor, Boston, MA 02110-1301 USA
This program incorporates work covered by the following copyright and
permission notices:
b2 is (c) 2001, 2002 Michel Valdrighi - m@tidakada.com -
http://tidakada.com
Wherever third party code has been used, credit has been given in the code's
comments.
b2 is released under the GPL
and
WordPress - Web publishing software
Copyright 2003-2010 by the contributors
WordPress is released under the GPL
---
### GNU GENERAL PUBLIC LICENSE
Version 2, June 1991
Copyright (C) 1989, 1991 Free Software Foundation, Inc.
51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA
Everyone is permitted to copy and distribute verbatim copies
of this license document, but changing it is not allowed.
### Preamble
The licenses for most software are designed to take away your freedom
to share and change it. By contrast, the GNU General Public License is
intended to guarantee your freedom to share and change free
software--to make sure the software is free for all its users. This
General Public License applies to most of the Free Software
Foundation's software and to any other program whose authors commit to
using it. (Some other Free Software Foundation software is covered by
the GNU Lesser General Public License instead.) You can apply it to
your programs, too.
When we speak of free software, we are referring to freedom, not
price. Our General Public Licenses are designed to make sure that you
have the freedom to distribute copies of free software (and charge for
this service if you wish), that you receive source code or can get it
if you want it, that you can change the software or use pieces of it
in new free programs; and that you know you can do these things.
To protect your rights, we need to make restrictions that forbid
anyone to deny you these rights or to ask you to surrender the rights.
These restrictions translate to certain responsibilities for you if
you distribute copies of the software, or if you modify it.
For example, if you distribute copies of such a program, whether
gratis or for a fee, you must give the recipients all the rights that
you have. You must make sure that they, too, receive or can get the
source code. And you must show them these terms so they know their
rights.
We protect your rights with two steps: (1) copyright the software, and
(2) offer you this license which gives you legal permission to copy,
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that everyone understands that there is no warranty for this free
software. If the software is modified by someone else and passed on,
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Finally, any free program is threatened constantly by software
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all.
The precise terms and conditions for copying, distribution and
modification follow.
### TERMS AND CONDITIONS FOR COPYING, DISTRIBUTION AND MODIFICATION
**0.** This License applies to any program or other work which
contains a notice placed by the copyright holder saying it may be
distributed under the terms of this General Public License. The
"Program", below, refers to any such program or work, and a "work
based on the Program" means either the Program or any derivative work
under copyright law: that is to say, a work containing the Program or
a portion of it, either verbatim or with modifications and/or
translated into another language. (Hereinafter, translation is
included without limitation in the term "modification".) Each licensee
is addressed as "you".
Activities other than copying, distribution and modification are not
covered by this License; they are outside its scope. The act of
running the Program is not restricted, and the output from the Program
is covered only if its contents constitute a work based on the Program
(independent of having been made by running the Program). Whether that
is true depends on what the Program does.
**1.** You may copy and distribute verbatim copies of the Program's
source code as you receive it, in any medium, provided that you
conspicuously and appropriately publish on each copy an appropriate
copyright notice and disclaimer of warranty; keep intact all the
notices that refer to this License and to the absence of any warranty;
and give any other recipients of the Program a copy of this License
along with the Program.
You may charge a fee for the physical act of transferring a copy, and
you may at your option offer warranty protection in exchange for a
fee.
**2.** You may modify your copy or copies of the Program or any
portion of it, thus forming a work based on the Program, and copy and
distribute such modifications or work under the terms of Section 1
above, provided that you also meet all of these conditions:
**a)** You must cause the modified files to carry prominent notices
stating that you changed the files and the date of any change.
**b)** You must cause any work that you distribute or publish, that in
whole or in part contains or is derived from the Program or any part
thereof, to be licensed as a whole at no charge to all third parties
under the terms of this License.
**c)** If the modified program normally reads commands interactively
when run, you must cause it, when started running for such interactive
use in the most ordinary way, to print or display an announcement
including an appropriate copyright notice and a notice that there is
no warranty (or else, saying that you provide a warranty) and that
users may redistribute the program under these conditions, and telling
the user how to view a copy of this License. (Exception: if the
Program itself is interactive but does not normally print such an
announcement, your work based on the Program is not required to print
an announcement.)
These requirements apply to the modified work as a whole. If
identifiable sections of that work are not derived from the Program,
and can be reasonably considered independent and separate works in
themselves, then this License, and its terms, do not apply to those
sections when you distribute them as separate works. But when you
distribute the same sections as part of a whole which is a work based
on the Program, the distribution of the whole must be on the terms of
this License, whose permissions for other licensees extend to the
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it.
Thus, it is not the intent of this section to claim rights or contest
your rights to work written entirely by you; rather, the intent is to
exercise the right to control the distribution of derivative or
collective works based on the Program.
In addition, mere aggregation of another work not based on the Program
with the Program (or with a work based on the Program) on a volume of
a storage or distribution medium does not bring the other work under
the scope of this License.
**3.** You may copy and distribute the Program (or a work based on it,
under Section 2) in object code or executable form under the terms of
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**a)** Accompany it with the complete corresponding machine-readable
source code, which must be distributed under the terms of Sections 1
and 2 above on a medium customarily used for software interchange; or,
**b)** Accompany it with a written offer, valid for at least three
years, to give any third party, for a charge no more than your cost of
physically performing source distribution, a complete machine-readable
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**c)** Accompany it with the information you received as to the offer
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If distribution of executable or object code is made by offering
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compelled to copy the source along with the object code.
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except as expressly provided under this License. Any attempt otherwise
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example, if a patent license would not permit royalty-free
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and this License would be to refrain entirely from distribution of the
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If any portion of this section is held invalid or unenforceable under
any particular circumstance, the balance of the section is intended to
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It is not the purpose of this section to induce you to infringe any
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integrity of the free software distribution system, which is
implemented by public license practices. Many people have made
generous contributions to the wide range of software distributed
through that system in reliance on consistent application of that
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to distribute software through any other system and a licensee cannot
impose that choice.
This section is intended to make thoroughly clear what is believed to
be a consequence of the rest of this License.
**8.** If the distribution and/or use of the Program is restricted in
certain countries either by patents or by copyrighted interfaces, the
original copyright holder who places the Program under this License
may add an explicit geographical distribution limitation excluding
those countries, so that distribution is permitted only in or among
countries not thus excluded. In such case, this License incorporates
the limitation as if written in the body of this License.
**9.** The Free Software Foundation may publish revised and/or new
versions of the General Public License from time to time. Such new
versions will be similar in spirit to the present version, but may
differ in detail to address new problems or concerns.
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specifies a version number of this License which applies to it and
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published by the Free Software Foundation.
**10.** If you wish to incorporate parts of the Program into other
free programs whose distribution conditions are different, write to
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we sometimes make exceptions for this. Our decision will be guided by
the two goals of preserving the free status of all derivatives of our
free software and of promoting the sharing and reuse of software
generally.
**NO WARRANTY**
**11.** BECAUSE THE PROGRAM IS LICENSED FREE OF CHARGE, THERE IS NO
WARRANTY FOR THE PROGRAM, TO THE EXTENT PERMITTED BY APPLICABLE LAW.
EXCEPT WHEN OTHERWISE STATED IN WRITING THE COPYRIGHT HOLDERS AND/OR
OTHER PARTIES PROVIDE THE PROGRAM "AS IS" WITHOUT WARRANTY OF ANY
KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE
PROGRAM IS WITH YOU. SHOULD THE PROGRAM PROVE DEFECTIVE, YOU ASSUME
THE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.
**12.** IN NO EVENT UNLESS REQUIRED BY APPLICABLE LAW OR AGREED TO IN
WRITING WILL ANY COPYRIGHT HOLDER, OR ANY OTHER PARTY WHO MAY MODIFY
AND/OR REDISTRIBUTE THE PROGRAM AS PERMITTED ABOVE, BE LIABLE TO YOU
FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE THE
PROGRAM (INCLUDING BUT NOT LIMITED TO LOSS OF DATA OR DATA BEING
RENDERED INACCURATE OR LOSSES SUSTAINED BY YOU OR THIRD PARTIES OR A
FAILURE OF THE PROGRAM TO OPERATE WITH ANY OTHER PROGRAMS), EVEN IF
SUCH HOLDER OR OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.
### END OF TERMS AND CONDITIONS
### How to Apply These Terms to Your New Programs
If you develop a new program, and you want it to be of the greatest
possible use to the public, the best way to achieve this is to make it
free software which everyone can redistribute and change under these
terms.
To do so, attach the following notices to the program. It is safest to
attach them to the start of each source file to most effectively
convey the exclusion of warranty; and each file should have at least
the "copyright" line and a pointer to where the full notice is found.
one line to give the program's name and an idea of what it does.
Copyright (C) yyyy name of author
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
You should have received a copy of the GNU General Public License
along with this program; if not, write to the Free Software
Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA.
Also add information on how to contact you by electronic and paper
mail.
If the program is interactive, make it output a short notice like this
when it starts in an interactive mode:
Gnomovision version 69, Copyright (C) year name of author
Gnomovision comes with ABSOLUTELY NO WARRANTY; for details
type `show w'. This is free software, and you are welcome
to redistribute it under certain conditions; type `show c'
for details.
The hypothetical commands \`show w' and \`show c' should show the
appropriate parts of the General Public License. Of course, the
commands you use may be called something other than \`show w' and
\`show c'; they could even be mouse-clicks or menu items--whatever
suits your program.
You should also get your employer (if you work as a programmer) or
your school, if any, to sign a "copyright disclaimer" for the program,
if necessary. Here is a sample; alter the names:
Yoyodyne, Inc., hereby disclaims all copyright
interest in the program `Gnomovision'
(which makes passes at compilers) written
by James Hacker.
signature of Ty Coon, 1 April 1989
Ty Coon, President of Vice
This General Public License does not permit incorporating your program
into proprietary programs. If your program is a subroutine library,
you may consider it more useful to permit linking proprietary
applications with the library. If this is what you want to do, use the
[GNU Lesser General Public
License](http://www.gnu.org/licenses/lgpl.html) instead of this
License.
4 Timeless Lessons From Warren Buffett's Favorite Stock - sinth.info
It’s no secret by now that Apple (AAPL -1.03%) is Warren Buffett’s favorite stock.
The Berkshire Hathaway (BRK.A -0.35%)(BRK.B -0.17%) chief has sung its praises time and again, calling it a “wonderful business” and even saying it’s “probably the best business I know in the world.”
Despite the company’s size and Buffett’s fondness for the iPhone maker, it may still come as a surprise to learn Apple now makes up 51% of Berkshire Hathaway’s stock portfolio as of the end of the second quarter.
Berkshire first began buying the stock in 2016, and since then, it’s delivered monster returns, up more than 500%. If you want to invest like Buffett, keep reading to see four easy ways you can follow his example with Apple.
Image source: The Motley Fool.
1. Let your winners run
Buffett prefers to be a buy-and-hold investor when the circumstances support it, saying that his favorite holding period is forever when the business and management are outstanding.
Letting your winners run, as opposed to selling them to book gains, is a crucial tactic for any investor aiming to outperform the market. The best stocks can deliver returns of 10 times, 20 times, 50 times, or even more on your original investment, but you only benefit from those gains if you hold the stock.
By doing so, you benefit from the magic of compounding, and one big winner can truly make a difference to your overall wealth, as well as offsetting dozens of losers.
Buffett has benefited from this strategy with stocks like Coca-Cola and American Express, which Berkshire has held for more than 30 years, generating over 1,500% returns without dividends reinvested.
2. Diversification is overrated
If your financial advisor saw you had more than half of your portfolio invested in one stock, their hair might catch on fire.
Most individual investors are counseled to avoid being overly concentrated in one stock and to diversify across multiple sectors and even asset classes. Index funds and mutual funds make it easy for investors to diversify, and there’s some logic to the practice.
Diversifying is a way of limiting downside risk, and for many investors, especially in a retirement account, the first rule is not to lose money. When you have 51% of your holdings in one stock, it only takes one thing to go wrong with that company, and your portfolio could get crushed.
However, the flip side of diversification is that you limit your upside gains when you sell your winners instead of letting them run. Rebalancing your portfolio by selling winners to reduce concentration is common, but it can be counterproductive to achieving truly outstanding returns.
Diversification can work, but it requires careful consideration rather than blindly selling otherwise winning stocks.
3. Sometimes, winners are hiding in plain sight
Newer investors often believe they have to find an under-the-radar small-cap stock in order to make big money on the stock market.
However, the opposite seems to be true most of the time.
There are few stocks that seem more obvious than Apple, after all. Its business and brand strength are easy to understand, and it’s been the most profitable smartphone company ever.
In fact, many of the other top performers of the 21st century have been stocks whose competitive advantages were readily apparent. Those include Amazon, Netflix, Alphabet, and Tesla.
The lesson here is that you don’t need to overthink investing, and there are no bonus points for originality. Just because a stock seems obvious doesn’t mean it won’t be a big winner, especially if it still has a long growth runway ahead of it.
4. You can get in late and still earn big returns
Finally, a key lesson from Buffett’s success with Apple is that you can get into a stock late and still be a big winner.
By 2016, Apple’s dominant consumer tech ecosystem was clear with several leading devices and a growing, high-margin business in services, including its App Store and Apple Pay.
It would have been easy to think the stock had already run its course, but it’s jumped by more than six times since then. The company has continued to raise prices on the iPhone, seen strong growth from new products like Airpods, and expanded its services business.
Don’t assume that a large, dominant company is always done growing. If it can continue to increase profits and the valuation is reasonable, the stock should have room to go higher.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. American Express is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Jeremy Bowman has positions in Amazon.com and Netflix. The Motley Fool has positions in and recommends Alphabet, Amazon.com, Apple, Berkshire Hathaway, and Netflix. The Motley Fool recommends the following options: long January 2024 $47.50 calls on Coca-Cola. The Motley Fool has a disclosure policy.