Michael Price's recent announcement that he will stop managing the Mutual Series funds in October has his fans and the industry wondering who is "the next Michael Price," the next superstar or legend in the making.

Here's a tip: Don't go looking. You may want to believe that there will be a second coming of Price or former Fidelity Magellan star Peter Lynch or Vanguard Windsor's John Neff, but the truth is that the industry really doesn't make managers like that anymore.

For starters, the legends made their names in a much different market. Lynch packed it in nearly a decade ago, Neff a few years back. Phil Carret, who practically pioneered the entire fund business, and Sir John Templeton, who led the way in international investing, haven't directly managed funds for years. Bill Ruane and Richard Cunniff of Sequoia Fund--regarded by most observers as the perfect model of a successful fund--are about to call it quits.