Jeff Vinik, in a move that echoes his departure 17 years ago
from the Fidelity Magellan Fund is shutting his hedge fund after making
ill-timed bets on gold and the direction of stocks.
Jeff Vinik, the former Fidelity Investments stock picker
turned hedge-fund manager, is giving back client money at his Vinik Asset
Management after returns declined over the past 10 months. The firm, which had $6 billion under management
as of March 1, will return all of the outside investors’ money at the end of
June, according to a client letter obtained by Bloomberg News….
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