In 1996, star Fidelity Investments manager Jeff Vinik lost a bunch of money, and quit. In 2000, newly-minted hedge fund manager Jeff Vinik decided he wanted to spend more time with his family, and quit. In 2013, shortly after telling investors he could not possibly be more dedicated to running a hedge fund, and also after losing a bunch of money and buying a hockey team and moving to Tampa, he quit.
Now he’s coming back, and he has this to say.
“I miss the markets, I miss picking stocks, I miss competing,” Mr. Vinik said. “I’ve been doing it with my family money for the last five years, but it’s not the same as being in the big leagues and competing on an institutional basis….”
“I am committed to this, and I am extremely hungry,” Mr. Vinik said. “We won’t shut down again.”
Of course, he also said this, so we’re not really sure what to make of things, other than taking him at his word that’s he’s bored running a hockey team, remaking an entire American city with Bill Gates and managing his own not-insubstantial fortune—or presume that said fortune is not as substantial as it appears after his BFF lost a couple hundred million playing the options market, or that silk-based skincare products are not as lucrative as they sound, or that spending four to seven nights a week at Mons Venus is not as entertaining as it sounds.
Mr. Vinik, 59, said he plans to run the firm for the next five to 10 years.