Goldman Sachs did the world a favor when it released its list of stocks that were the most widely held by hedge funds. At the top of the list was Apple, which has led to some unflattering portrayals of hedge funds for their lack of creativity.

"The one company that will, without a shadow of a doubt, blow up the entire market should it finally reverse its trend of near exponential growth in recent months, and which has recently started indicating some (very) modest pricing weakness, is now held by more hedge funds than ever before," wrote one well-followed hedge fund commentator who goes by the pseudonym Tyler Durden.

Fortune piled on just a bit, wondering if its worth 2 and 20 for a hedge fund to simply buy and hold Apple. "Put more simply: the pension funds of teachers and firemen all over this country have chosen to pay hedge funds their ridiculous fees to make the most obvious investment decision available. And they don't seem to mind at all."

It will be more interesting to see when hedge funds decide it's time to short the stock. That's when their fees will be easier to justify, assuming they bet correctly. At a minimum, some may be writing covered calls right about now.

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