Billionaire Jeff Vinik: No bubble in tech stocks

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The ridiculously high valuations that led to the 2000 crash in technology stocks do not exist in today's market, billionaire Jeff Vinik told CNBC on Wednesday.

The former Fidelity Magellan Fund manager said in a "Squawk Box" interview the rise in tech stocks in 1999 and 2000 was the biggest bubble "any of us will experience in our lives."

But with the Nasdaq Composite at 15-year highs again and the Dow Jones Industrial Average and the at record highs, Vinik said, "We don't have a bubble going on right now."

He said there are pockets of overvalued stocks, but they're nothing like the heady days in the late 1990s.

Read MoreNasdaq nears 5,000-does a tech bubble loom?

Starting at age 33, Vinik made his name in the investment world—managing from 1992 to 1996 the Fidelity Magellan Fund, the world's biggest mutual fund at the time. But a premature bet against tech stocks in 1996 led to his departure. He then started the hedge fund Vinik Asset Management. In 2010, he returned all money to shareholders to focus on his own investments and his new ownership of the National Hockey League's Tampa Bay Lightning.

"The economy looks just fine going forward," Vinik said Wednesday. "It's a good time to be invested."

He also said he's big believer in buying and holding stocks for the long term.

"The economy is cyclical. The stock market is cyclical. There will be downturns," he cautioned. "But if you have good companies with strong managements, earnings will grow over time and stock prices will grow."