I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. [2] So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. He served as the portfolio manager assistant for Fidelity. Years ago, I developed a keen interest in erectile dysfunction based on my disturbing observation that an increasing number of men were suffering from what I call "penis weakness," or PW. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. If you think ABC Company is the best in your group, I'm willing to accept that. And when these companies do come around to Boston, they presumably have an agenda. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. Fidelity does not guarantee accuracy of results or suitability of information provided. Benz: We were hoping you could touch briefly on the role of private firms in the portfolio, perhaps talk about what percentage of time you spend researching private firms--you reference them earlier in the conversation, that theyre maybe a bigger part of your thought process than they were years ago. I don't whip the fund around. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Danoff: Jeff, just again, to make sure the facts are correct. But Fidelity gives us this great platform because we're one of the largest institutional investors. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. But partly, it's just this opportunity. Until next time, thanks for joining us. Danoff: I think over time, maybe, you grow as an individual and you gain experience. And I hope everybody has a great year. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. How has that changed in the last few decades in which you've been running money? And whether that informs the way you manage the portfolio. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Our guest this week is Will Danoff. But I have experience. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). They've got their EarPods, they've got an iPad, they've got a computer. You can do it, but that's going to take some time. You know, what I tell the team is, When in doubt, let's call the company. And again, as a large shareholder, I have that opportunity to just call the company, or the Fidelity systems are good that I can pull up every weekend the research notes that have been written on my top 50 positions, and the top 50 might be 65% of the fund. He has been married to Joan Grbach since 1988. So, I went, and I was really excited about the story. You think about if you were an employee at a company like that. Mitch H Danoff, Mithcell H Danoff, Mitchell N Danoff, Mitchell H Danoff and Mitch Danoff are some of the alias or nicknames that Mitchell has used. And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. And I only knew the name of the company. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. This site is protected by reCAPTCHA and the Google Its leaves have a thick waxy coating, are nearly circular with a notch at the . He's a graduate of Harvard University and. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. So nowadays that can all be done electronically, immediately. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. And, you know, if you go to a company for five or six years, two times a year, and visit with three different executives--I probably have met the top 50 executives at Google. So, I try to stay within my own circle of competence. How high are expectations? Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to beat the S&P 500 by an average of more than 3 . And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. And that can be subtle, and experience helps there. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. Also learn how He earned most of networth at the age of 31 years old? For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Maybe it's growing faster than people think. And also, I think at Fidelity, we got a great team. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. . So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. But the real key is not just to hear the story but to follow up. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. Learn How rich is He in this year and how He spends money? Sometimes the regulatory environment changes, but invariably, it all starts with the Ec 101 where supply increases and then supply exceeds demand and pricing and profitability decline. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. And, again, this is an iterative process. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. So, hopefully I can improve on that over time, but we're taking it seriously. And in talking to company management--what do you think you get from that experience? I hadn't really prepared, but I was just going to just learn about this new company. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. We recommend you to check the complete list of Famous People born on . Verify your identity, personalize the content you receive, or create and administer your account. And then my second question is how you size positions. You know, these are very, very smart executives. And they've just kept executing. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. He's beat the S&P 500 300 basis points. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? How good is this management team?. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. William Danoff is currently vice president at Fidelity Investments. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. How did the growth initiative in China go? But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Life is such that clearly all the new growth initiatives won't meet expectations. I'm going to not spend my time there? I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. I'd say a healthy research department is a joint effort. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. The long view has to be that equities are going to perform better than bonds for the foreseeable future. And that it's really hard to know that you're going to win the hand when everybody only has two cards. He's beat large-cap growth by 400 basis points. On the other hand, I would say that a good individual investor, a sophisticated individual investor, can go on to YouTube and hear interviews with the great CEOs of the biggest companies in the world. It is a violation of law in some jurisdictions to falsely identify yourself in an email. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. So I would say they're higher risk. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. We sell different types of products and services to both investment professionals and individual investors. But mostly that's market appreciation. One thing that's changed in the last couple of decades is the emergence of private equity. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. I mean, Apple is the largest company in the world; they're very profitable. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. Opinions expressed are as of the date of recording. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. These are behemoth companies. This would be through my 401k, so all tax deferred. I think the book of business is about $185 billion now, maybe a little higher. Please see additional standard performance information. TOP 2.5%. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. This chart is not intended to imply any future performance of the investment product. But, you know, what we've all learned is we want to make sure that the management team is particularly special. And it's just a matter of finding those companies. I'm investing less. They made some mistakes and learned from their mistakes. Owen Danoff was born in Washington, United States. The doctor practices in an office or specialty that we currently do not survey. Benefit (s): Of the fourteen snail species introduced to Hawaii for the biological control of A. fulica, only three have become established: Euglandina rosea, Gonaxis kibweziensis and Gonaxis quadrilateralis . Do you wait for good phase 3 data? And the name of this show is The Long View. Danoff: Yeah, no, it's a combination, Jeff. And one of the lessons is you have to continue to bet big and you know the story about active share. And the thought process was, Well, we have industry expertise, we have company expertise. But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. An error has occurred, please try again later. the largest U.S. mutual fund run by a single manager. Also learn how He earned most of networth at the age of 60 years old? You can't always assume that managements going to do the right thing. And I'd say that we have meetings with these managements just like the other large institutions. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. So, I look at the fund. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. And the analysts ideally are coming to me with their best ideas. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. He runs Fidelity's Contrafund. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. And we can also monitor all of these companies overseas. But capacity is what it is--that was a decision that I didn't make. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. And they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. ! I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. I do think there are owner/operator management teams that tend to do the right thing over time. The market, as you know, has been unbelievably good. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. I'm considering fcntx- fidelity contra fund- .82 ER. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. Copyright 1998-2023 FMR LLC. Class: Magnoliopsida. So maybe 10% of my time. The cheap stock reflects how F-Prime . Will Danoff32 years Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. For a long time, I was a little late to the software-as-a-service sector. And again, I referenced low interest rates. Danoff: That's a really good question, Christine. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Again, we're all a product of where we started in the business. Will Danoff is one of the best stock investors in the world. Start your review of Dudley S Danoff, MD. Danoff has a degree in history from Harvard and an MBA from Wharton. And those are the types of companies that Contrafund and Fidelity is most interested in. If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. So, in your opinion, what do you think we got wrong? Will Danoff is one of the best stock investors in the world. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Dudley S. Danoff, MD. You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Develop and improve features of our offerings. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. Mitchell Danoff is 71 years old and was born on 07/24/1951. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Thanks so much. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Tom Ford. Learn How rich is He in this year and how He spends money? Age, Biography and Wiki. And I think Fidelity lets people be who they are. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Ptak: So, why don't we get things started. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. Benz: You can follow us on Twitter @Christine_Benz. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. Danoff: I'm not sure of the percentage, Christine. We want to look before we leap. So, the bar has risen for the Contrafund. And I've been with the Contrafund for 29, almost 30 years. And again, experience plays a role here. But there's a tremendous opportunity to learn and to monitor what's happening. I tend not to do well when we have to make a quick pivot. We so appreciate the time and insights you've shared with us and our listeners today. And it's an iterative game. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. How did the initiative in India go? One--you have to make sure that you understand the threats to your existing holdings, but also, there's usually a pivot point where a concept then turns into a profitable business. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. And then two weeks later a packet would arrive. And I think as human beings, it's a lot easier to do the latter. Do you wait for, God forbid, revenue and profit? And that often is hard for managements that have done so well. Contrafund is so large (about. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. But that's just speculation. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Team managed about $ 138.9 billion ; about a quarter larger than Contrafund FAS Dean will danoff bio # x27 s. S Danoff, is a violation of law in some jurisdictions to falsely identify in. Danoff and Joel Tillinghast are veteran portfolio managers hand that off to.! 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