Apple Inc. is the king of Wall Street right now. And to some, that’s a sign the tech icon’s best days are behind it; Apparently, popularity is always equal to “irrational exuberance” in the eyes of some investors.

But if you’re an Apple AAPL, -3.17% bear, it’s worth remembering that Apple didn’t just magically turn into a $725 billion company with $230 billion in projected sales.

It got to be huge and hugely popular because it’s a wildly successful company, and perhaps the biggest success story of the last 25 years.

So don’t hate Apple stock simply because it’s popular, or because you missed the party.

In fact, considering the lack of alternatives and the proven growth of the iPhone giant, it may be profitable to jump in on the bandwagon and enjoy the ride while there’s still time.

Openfolio, a free network that allows investors to share their portfolio, reports that 27% of investors plugged into its platform own Apple shares directly. It is the most popular individual stock among some 30,000 individual investors who shared their investing habits with Openfolio.

Even more impressive is that of those Apple stock investors on Openfolio, traders on average have about 21% of their entire portfolio’s assets in Apple.

Also worth noting: Apple remains one of the most popular stocks among the “smart money” as well, with Apple as the most popular individual stock among hedge funds, according to data compiled by Insider Monkey. Heavyweights including David Einhorn and Carl Icahn, to name just a few, remain heavily invested in the tech giant.

Yet in an age when it’s oh-so-fashionable to be a contrarian, it’s no surprise that many folks are hating on Apple amid this popularity.

But that kind of thinking can be self-defeating. After all, Apple’s popularity comes with some impressive facts behind it, and amid the backdrop of some pretty unappealing alternatives.

U.S. consumers stick to cautious track

Consider that the latest data from FactSet says the first quarter of 2015 is on track for a blended earnings growth rate of just 0.1% for the S&P 500 SPX, -1.11% based on stocks that have reported thus far. That’s the weakest earnings season since the third quarter of 2012. Contrast that with a 33% earnings surge at Apple after another amazing quarterly report, and it’s no surprise that the stock has plenty of buyers even at these levels.

There simply aren’t many better options for growth. What, you’d rather trade Apple’s roughly $60 billion in operating cash flow and $194 billion in cash and investments — more than a quarter of its massive market cap — for a money-losing small-cap that’s trading on hopes and dreams? Or perhaps you’re thinking of jumping into the froth of Chinese stocks in hopes that the rally there will continue?

Or if you think bargain hunting is “safer,” do you really want to sell Apple in favor of the many struggling giants like McDonald’s MCD, -1.03% or Coca-Cola KO, -0.19% ? Apple is huge and growing, which seems a lot more attractive than huge and shrinking.

Let’s also not forget that the supposedly foolish people whose portfolios are overweight in Apple right now have enjoyed a gain of more than 50% in the past 12 months, more than four times the 12% gain for the S&P 500 in the same period. So much for those claims that it’s impossible for stock-pickers to beat their benchmark — Apple investors have had no problem with that!

It’s also worth noting that any position with this kind of outperformance will naturally wind up with a bigger weighting in investors’ portfolios. The fact that Apple is a bigger piece of the pie for many investors is actually a good problem to have after this run, and not necessarily a sign of a top.

To be sure, I have my doubts about how long Apple can keep this up. There is a lot of enthusiasm baked into the stock, and the comps are going to get a lot tougher in a few months when we have to start assessing Apple earnings vs. the blowout performance of the iPhone 6 launch.

There is a chance the Apple tide may turn, and as with many momentum stocks it may turn in quickly and significantly. But as the old saying goes, investors would be wise to take what the market gives them.

And for now, in a sideways market where there aren’t a lot of alternatives, Apple is one of the few bets in town that continues to offer a decent return potential.

So don’t hate Apple just because it’s been a beautiful play for other investors and you’ve missed the fun.