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Old 05-03-2013, 12:49 PM
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Default Mr. Vinik Closes Hedge Fund

Jeff Vinik tells clients he will close hedge fund
May 3, 2013 12:26 PM
By Beth Healy Globe Staff


Jeff Vinik told investors in a letter Friday that he plans to shut down his hedge fund and return money it manages for clients by June 30.

Vinik, a former manager of Fidelity Magellan mutual fund, said he wants to devote more time to his ownership of the Tampa Bay Lightning hockey team and to his family, according to a copy of the letter obtained by the Globe. He launched his hedge fund business in 1996.

Vinik recently moved his Vinik Asset Management to Tampa to be closer to the team. His investment performance slipped in the past year, losing 4.8 percent in the 10 months since July 1, while markets have generally risen. Over the long term, he delivered 17 percent annually, on average, to his investors.

Vinik said in the letter, “while we both love competing with the market day in and day out, it is time for us to take a break.”

Bloomberg News first reported on the letter.

Vinik closed his hedge fund once before, in 2000, when he returned $4.2 billion to clients. But then he grew the business again. Last year, he operated the eighth-largest hedge fund in Boston, with nearly $9 billion in assets.

The letter said that Vinik’s Growth Group portfolio managers -- Doug Gordon, Jon Hilsabeck and Don Jabro -- expect to start up an independent long-short equities hedge fund based in Boston. They will likely use the Vinik Asset Management space, Vinik said. Other professionals at the firm also may launch new businesses, he said.

http://mobile.boston.com/art/70/busi...8E2A813F19E7B6
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Old 05-03-2013, 02:39 PM
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So Tampa will have to trade MSL, Vinny, Hedman, and Stammer because they can only afford to spend to the floor...right?











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Old 05-03-2013, 03:41 PM
uf1910 uf1910 is online now
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Another excellent business decision by Mr Vinik. When the markets crash from their current or recent all-time highs this decision will look even more genius than it does today.
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Old 05-03-2013, 03:51 PM
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Despite the relatively weak returns this year, his fund has done phenomenally well since he left Fidelity. Reading between the lines, and not what his positions are, I think this is not only him "retiring" but getting out of the market before the eventual end of quantitative easing sucks the air out of it. Despite what you see about the Dow hitting record highs, I think this is a shrewd move. Not sure what Mr. Vinik's net worth is exactly, but he's clearly sitting on a pile (which he'll still continue to grow) based on what his fund has done.

(I study this stuff, so I somewhat expected it)

And no, this doesn't turn Tampa into a cap floor team or one that gets sold back to the cowboys
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Old 05-03-2013, 03:56 PM
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Quote:
Originally Posted by uf1910 View Post
Another excellent business decision by Mr Vinik. When the markets crash from their current or recent all-time highs this decision will look even more genius than it does today.
Yup. The economy is growing like Keith Aulie is developing. GDP growth is awful, and the recent highs are largely due to ridiculously loose monetary policy and the unattractiveness of bond markets and foreign equities. If inflation hits before growth does, it's gonna be uglier than a Crombeen / Lucic fight
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Old 05-03-2013, 11:11 PM
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Quote:
Originally Posted by njbolt12 View Post
Yup. The economy is growing like Keith Aulie is developing. GDP growth is awful, and the recent highs are largely due to ridiculously loose monetary policy and the unattractiveness of bond markets and foreign equities. If inflation hits before growth does, it's gonna be uglier than a Crombeen / Lucic fight
I have listened to many who have spoken the same tongue regarding GDP, Monetary Policy and the pending dooming inflation headed our way. That conversation started at the low of the markets and has continued since.
Most if not all of those conversations are based on a political view and/or tainted by a political view of the capitalist world is coming to an end. The reality is in the charts enjoy the ride and prepare for that correction. Protective puts are pretty cheap these days do make use of them.

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Old 05-04-2013, 09:41 AM
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Quote:
Originally Posted by uf1910 View Post
When the markets crash from their current or recent all-time highs this decision will look even more genius than it does today.
Quote:
Originally Posted by njbolt12 View Post
Yup. The economy is growing like Keith Aulie is developing. GDP growth is awful
Quote:
Originally Posted by goldenbolt View Post
I have listened to many who have spoken the same tongue regarding GDP, Monetary Policy and the pending dooming inflation headed our way. That conversation started at the low of the markets and has continued since. Most if not all of those conversations are based on a political view and/or tainted by a political view of the capitalist world is coming to an end.
...and 95% of the BP Forum suddenly went racing off in search of newer, more exuberant smileys to celebrate
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Old 05-04-2013, 08:39 PM
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Quote:
Originally Posted by Top Shelf View Post
...and 95% of the BP Forum suddenly went racing off in search of newer, more exuberant smileys to celebrate
What are you talking about? Why would anybody celebrate a poor economy? Based on your previous posts, I'm going to guess that your comment was some form of anti-liberal or anti-left jab. The fact of the matter is that people get upset at those who are raking in the $$$ when they in turn are getting shit upon by the financial world. When people are being treated fairly then they don't care that others are making money.
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Old 05-04-2013, 08:47 PM
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The problem is many people do not understand that a strong middle class is a necessity to a strong representative democracy, if the current maldistribution of wealth continues, which by the way is the exact scenario that existed before the Great Depression, we will dissolve into an oligarchy. Something many conservatives hope occurs or if they dont then they live in some fantasy land .
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Old 05-04-2013, 09:25 PM
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Originally Posted by aapbolt View Post
The problem is many people do not understand that a strong middle class is a necessity to a strong representative democracy, if the current maldistribution of wealth continues, which by the way is the exact scenario that existed before the Great Depression, we will dissolve into an oligarchy. Something many conservatives hope occurs or if they dont then they live in some fantasy land .
The "iron law of oligarchy" states that all forms of organization, regardless of how democratic they may be at the start, will eventually and inevitably develop oligarchic tendencies, thus making true democracy practically and theoretically impossible, especially in large groups and complex organizations. The relative structural fluidity in a small-scale democracy succumbs to "social viscosity" in a large-scale organization. According to the "iron law," democracy and large-scale organization are incompatible.

http://en.wikipedia.org/wiki/Iron_law_of_oligarchy
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