After relaunching Vinik Asset Management earlier this year (it was closed in 2013), Jeffrey Vinik found that it was much harder to raise money than he anticipated, according to a recent Bloomberg article by columnist Nir Kaissar.

The problem, Kaissar explains, is that “no one needs equity hedge funds anymore,” adding, “investors can turn to low-cost funds for nearly every style of stock picking.” During the heyday of hedge funds (1990s and 2000s), Kaissar notes, there was a dearth of these types of options.

Vinik reportedly said, “I very much doubt I will go back into the hedge fund business.”

Equity funds don’t have to disappear, however, Kaissar points out. “They could lower their fees, for starters,” he writes, adding, “There will also be a handful of stock pickers who overcome their princely fees by making prescient, concentrated bets.” He concludes, “Everyone else in the bloated $800 billion equity hedge fund industry would do well to heed Vinik’s example. ”