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. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. And I've added value relative to the index. 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. He served as portfolio assistant for the Magellan Fund. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 269. There are large-cap companies that are in a growth mindset that, even though they're large, can continue to generate a lot of shareholder value. So, you sell a little and then you realize you overreacted. 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. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. The managers are less experienced, but everyone has to hustle. I'm going to not spend my time there? Find Dr. Danoff's phone number, address, hospital affiliations and more. I'm considering fcntx- fidelity contra fund- .82 ER. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. 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. But that's just speculation. And maybe you have a king showing, and the other players have low card, so you can bet. Even in energy, which is way out a favor right now, there may be an opportunity over time. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. Family: Nymphaeaceae. I'm investing less. Our guest this week is Will Danoff. And I think as human beings, it's a lot easier to do the latter. 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. And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. How we use your information depends on the product and service that you use and your relationship with us. You know, you think about the great Warren Buffett. Since he took over on Sept. 17, 1990 . But there's something to be said for not going to any meetings. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More 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, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. S&P 500 I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. You can't always assume that managements going to do the right thing. William Danoff: Thanks, Jeff. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. Sign In. 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. You know, sort of like, basically the cost of that being whatever capital you'd have to divert from your next best idea, or does circle of competence, however you would define that, enter into it as well? And I think Fidelity lets people be who they are. I have to explain that I've become a little stodgy in my old age. Danoff: Yeah, that's a really good question, Christine. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. 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. Masters in Business. So, seven or eight years ago, there were a lot of very good opportunities. Life is such that clearly all the new growth initiatives won't meet expectations. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. All investments are subject to investment risk, including possible loss of principal. Terms of Service apply. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. How did the growth initiative in China go? Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Turnover is maybe 35%. So Hey, that sounds really 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. 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. The cheap stock reflects how F-Prime . So, what percentage of your time do you spend on researching them? Please see additional standard performance information. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Develop and improve features of our offerings. Benz: You can follow us on Twitter @Christine_Benz. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. It's really hard for me to get excited about it like you. So, if I had to guess, I'm going to spend less time with privates in the future. But there's always controversy. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. 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. And also, I think at Fidelity, we got a great team. We're seeing the new management teams when they come to Boston to tell us how excited they are to take over the company, and finding new ideas then raises the bar for your existing positions. And I only knew the name of the company. But, you know, what we've all learned is we want to make sure that the management team is particularly special. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Thanks for joining us on The Long View. I respect you. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. This copy is for your personal, non-commercial use only. But the real key is not just to hear the story but to follow up. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. 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. How did the new acquisition in Europe go? I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. William Danoff is 62 years old today because William's birthday is on 07/13/1960. Please see additional standard performance information. So that's the other reason why I spend a lot of time going to these meetings. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Do you wait for FDA approval? Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. And, if I had to guess, I think that trend might slow down. The band recorded for John Denver's Windsong label. Privacy Policy and He runs Fidelity's Contrafund. Provide specific products and services to you, such as portfolio management or data aggregation. Owen Danoff s birth sign is Scorpio. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Los Angeles 8635 W 3rd St Los Angeles, CA. How good is this management team?. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. These products and services are usually sold through license agreements or subscriptions. Owen Danoff was born in Washington, United States. Danoff, a firsthand witness to more than one major market blowup, has tended to outperform large-growth peers and the Russell 1000 Growth Index in down markets during his tenure. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Also learn how He earned most of networth at the age of 31 years old? Why haven't you done those things? He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Over the past year through February 11, Contra returned 27.6%,. Technology has become a bigger and bigger part of everybody's life. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. 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. 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. 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. He is affiliated with Cedars - Sinai Medical Center. And again, I referenced low interest rates. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. He's beat the S&P 500 300 basis points. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. So, you know, I do have a lot in technology. This site is protected by reCAPTCHA and the Google The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. he is one of famous Singer with the age 75 years old group. I hadn't really prepared, but I was just going to just learn about this new company. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. 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. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. Ptak: I wanted to shift gears if we can and talk about one of the other dimensions that you're responsible for, which is portfolio construction, but I wanted to zero in on capacity, which I'm sure is a question you never tire of answering. But you know, you're not necessarily part of the zeitgeist. Start your review of Dudley S Danoff, MD. That has been a change over the last couple of years. Thanks so much. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 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. 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 . 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. 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. 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? This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. This chart is not intended to imply any future performance of the investment product. Also learn how He earned most of networth at the age of 60 years old? But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. Gear advertisements and other marketing efforts towards your interests. 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. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. Why? Important legal information about the email you will be sending. But everybody worries about everything. Do you attempt to improve what you're not good at? And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. 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. Performance data shown represents past performance and is no guarantee of future results. And do you expect that to ramp up further in the future? Also learn how He earned most of networth at the age of 60 years old? How high are expectations? What are they going to be doing? [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Listen and subscribe to Morningstars The Long View from your mobile device. 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. And the name of this show is The Long View. Beating the market isn't easy. I tend not to do well when we have to make a quick pivot. 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. 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. And I don't want it to fall by the wayside. 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. I think it would be hard if I hadn't grown up with the fund. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. 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 . Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Until next time, thanks for joining us. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Will Danoff is one of the best stock investors in the world. 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. So nowadays that can all be done electronically, immediately. Bill Danoff Family Background & Career. Danoff: I think over time, maybe, you grow as an individual and you gain experience. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. When he was just 15 years old, he created his first original song and produced it on his own. Buy another company or one of their customers or one of their customers or of. Tillinghast, who is the Long View from your mobile device wife, joined forces in a duo that called... With privates in the future and you gain experience age 75 years old to just learn about new... 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