market folly

Jeff Vinik, formerly the portfolio manager of Fidelity's Magellan Fund, recently appeared on CNBC to talk markets.

In the interview, he said that the market's not in a bubble right now, but did acknowledge there's pockets of overvaluation (though nothing like the 1990s.)

Vinik said that, "The economy looks just fine going forward.  It's a good time to be invested ... The economy is cyclical.  The stock market is cyclical.  There will be downturns ... But if you have good companies with strong managements, earnings will grow over time and stock prices will grow."

He said he's a big believer in buy and hold for the long-term.

He also noted his bullishness on the city of Tampa as he lives there now and is working on real estate development and he's the owner of the NHL's Tampa Bay Lightning.  He invited hedge funds to join him down there.