While other hedge fund titans are running out of the proverbial burning building that is active management, Jeff Vinik is going back in.
"After six years of running my own money, the fire in my belly still burns," Vinik said Thursday in a statement announcing plans to resurrect Vinik Asset Management.
He closed the hedge fund in 2013, returning about $6 billion to investors.
"I think this is an incredible opportunity for old-fashioned stock picking," Vinik told CNBC's "Squawk Box." "We've had decades, maybe 10 or 20 years, of active managers underperforming passive managers."
"I've only known one way of investing and that is good, old-fashioned stock-picking," Vinik added.
His move comes despite the large transformation that has taken place within the asset management industry in recent years. Investors have increasingly opted for index and exchange-traded funds over active managers. Quantitative trading, or that dictated by computer algorithms, has become a higher percentage of daily volume. And greater competition and regulatory pressures have whittled away much of the alpha, or outperformance, that hedge funds had enjoyed.
For years, some giants of the industry have lamented that the markets were working against them. Stock pickers such as Stanley Druckenmiller and Leon Cooperman as well as traders Eric Mindich and Andy Hall closed their funds to outside investors in the last decade. The average long/short equity manager lost nearly 7 percent last year, lagging the S&P 500, which slumped about 4.4 percent, including dividends, according to Hedge Fund Research, which tracks performance.
Vinik is not deterred.