So, the bar has risen for the Contrafund. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. Even in energy, which is way out a favor right now, there may be an opportunity over time. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. And I've been with the Contrafund for 29, almost 30 years. I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. You know, you think about the great Warren Buffett. Ptak: Well, I think that we could talk to you and ask questions of you for hours. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. And again, I referenced low interest rates. The doctor practices in an office or specialty that we currently do not survey. 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. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. 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. William Danoff was born on 1960. It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. Will Danoff is one of the best stock investors in the world. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? 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 . [2] Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. 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. So, what percentage of your time do you spend on researching them? Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Verify your identity, personalize the content you receive, or create and administer your account. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Family: Nymphaeaceae. For me, it's the ability to make big bets it's harder. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. 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, I'd say it's a very healthy give-and-take and dialogue. And hopefully small mid-cap companies can grow into bigger companies. But this is what we do, and we try to do the best we can. Excited to be here. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. He served as portfolio assistant for the Magellan Fund. So, seven or eight years ago, there were a lot of very good opportunities. And the thought process was, Well, we have industry expertise, we have company expertise. Danoff: Yeah, no, it's a combination, Jeff. 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. So, I don't know that many great investors who aren't great analysts. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. What are we thinking about management? You can't always assume that managements going to do the right thing. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. You think about if you were an employee at a company like that. There are some tricks to the trade that I implement. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. We recommend you to check the complete list of Famous Singer. Contrafund currently is heavily invested in technology. And in talking to company management--what do you think you get from that experience? And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Life is such that clearly all the new growth initiatives won't meet expectations. For the best Barrons.com experience, please update to a modern browser. And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. And I think as human beings, it's a lot easier to do the latter. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. 5847 Education: BA Hunter College, City University of New York, 1976. Thanks so much. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. From You. And there are all sorts of companies that have had multiple owners. You know, these are very, very smart executives. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. Scientific Name: Nymphaea Odorata Ait. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. 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. Among these three, only. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Our guest this week is Will Danoff. He has crossed all the competition over 30 years. Over the past year through February 11, Contra returned 27.6%,. This chart is not intended to imply any future performance of the investment product. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. They made some mistakes and learned from their mistakes. And again, experience plays a role here. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. This would be through my 401k, so all tax deferred. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Such opinions are subject to change. No patient rating & comments. Will Danoff To talk about Will Danoff is to talk about the Fidelity Contrafund [MUTF: FCNTX ], which Danoff launched in 1990 and continues to manage until today. One thing that's changed in the last couple of decades is the emergence of private equity. And that's one of the challenges--we talked earlier about size--that it's harder for me to make a new idea a meaningful bet. Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. And the name of this show is The Long View. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 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. And there's no question that it's important even though I'm such a large fund to continue to plant seeds in the small-cap space with management teams and with companies that I think can grow into bigger, bigger companies and make a difference over time. 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. By using this service, you agree to input your real email address and only send it to people you know. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. Please see additional standard performance information. Soundtrack: Kingsman: The Golden Circle. 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. My denominator is so big that it's not that easy to find really great stories at scale."[4]. Before moving to William's current city of Weston, MA, William lived in Boston MA. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. These are behemoth companies. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. 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? 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. 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?. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. We're thrilled to have him as our guest. And, you know, I would say this business is sort of like a poker game. Past performance is not a guarantee of future results. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Technology has become a bigger and bigger part of everybody's life. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. So, I think you mentioned the word edge, I don't think about edge at all. There are always reasons to worry. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. 14. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). 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. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. And I introduced myself to the person to my left, who turned out to be the CEO of the company. I feel really lucky to be here. Why haven't you done those things? Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. I like to call companies. Danoff: Yeah, Jeff and Christine. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. This article about an American businessperson born in the 1950s is a stub. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . Start your review of Dudley S Danoff, MD. Danoff manages Fidelity's Contrafund and has for over thirty years. Performance data shown represents past performance and is no guarantee of future results. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? 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. And as investors, we all need to play to our strengths and be who we are. 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. We recommend you to check the complete list of Famous People born on . For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. Beating the market isn't easy. They're low capital intensity because they outsource their manufacturing. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. 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. And I'd say try and stay optimistic. And I was going to as many meetings as I could and just wanting to learn as much as I could. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. Adam Danoff net worth is $900,000. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. And this letter was written by the parents of a young child, 1 year old boy. Copyright 2023 Morningstar, Inc. All rights reserved. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. 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? And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. Mitchell Danoff is 71 years old and was born on 07/24/1951. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. ! And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. And so, one has to be very careful. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. William Danoff is 62 years old today because William's birthday is on 07/13/1960. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. The band recorded for John Denver's Windsong label. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. March 2, 2021. Maybe it's growing faster than people think. So, I look at the fund. But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. And I was like, Wow, that 's changed in the 1940s, played! 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