breakingviews.com -- When is the right time to quit the hedge fund rat race? For Tim Barakett at Atticus Capital it's at the age of 44 with $1 billion in the bank - but near the bottom of his game.

That's not ideal, but at least it's honest to hand back money when your heart's not in the job. Others make the mistake of hanging on too long and being forced to give up.

Barakett told investors this week he's dissolving the $3 billion flagship Atticus Global fund he started with a few million 15 years ago. Over the past year the fund fell 13%. While better than the S&P 500's 20% slide, it marks a low point for Barakett's strategy of taking concentrated bets on companies he considers cheap.

Over the past half-decade, when the bulk of investors would have committed their funds to Atticus, Barakett chalked up annual returns of 9% while the market was flat. So while Barakett can claim a relatively robust long-term track record, the former Harvard hockey champ isn't leaving with a trophy cup above his head for lifting

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