Apple has become the biggest hedge fund hotel ever with a record 230 hedge funds owning it and also hitting a record market cap. But like the Hotel California, checking in is easy, checking out may not be so nice.

“Welcome to the Hotel California Such a lovely place…You can check-out any time you like, But you can never leave!”

According to Zerohedge:

 Three months ago when we looked at the latest quarterly hedge fund position tracker from GS, we were not surprised to learn that a record 226 hedge funds were long AAPL stock. And as the chart below proves, a major driver of the increasing price of Apple stock is that increasingly more hedge funds continue to simply pile into the name, which in times of underperformance, such as now with just 11% of hedge funds outperforming the S&P as reported yesterday, is a short-cut means to generating modestly low-risk, high beta due to the collusive nature of all HFs rushing into the safety of one name all at the same time, that at least has some (arguably tenuous if indeed the leaked iPhone 5 photos are of the final thing) fundamentals propping the stock price.

We all know that Einhorn thinks that Apple is a great company selling at a budget PE. But could it be a value trap, could the “E” may come under fire without Apple’s visionary Jobs at the helm?