Mr. Vinik Exits, Stage Right...

Hedge fund boss and former Fidelity Magellan portfolio manager Jeff Vinik declared victory today and retreated from the field of battle.

No Soros swoon or Robertson wreck for Vinik. After four years in business, Vinik Asset Management has racked up a spectacular 53% average annual return for the customers of the eponymous company.

In comparison, the S&P 500 index gained 21% a year, after reinvestment of dividends. His firm made about $600 million in management fees and profit participation by my estimates, so he can certainly afford to quit. Vinik says that he wants to spend more time with his kids. His investors must hate those brats.

We spoke with two lucky fellas today and came away thinking that Vinik's remarkable success and unexpected retirement hold lessons for both professional and amateur investors in a topsy-turvy stock market causing so much pain. (Look at today's volatility as an example.) ...