He's beat large-cap growth by 400 basis points. He subsequently . Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Thanks so much. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. This is sort of who I am. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. Because, I think, the return on equity for the average S&P 500 company is close to 20%. I want to make sure the research department knows I care about the stock. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Start your review of Dudley S Danoff, MD. Already a member? 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. So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. India is emerging as an important experimental ground for a lot of new technology as well. Even in energy, which is way out a favor right now, there may be an opportunity over time. I'd say a healthy research department is a joint effort. Danoff: Yeah, Jeff this business is really competitive. His office accepts new patients. The cheap stock reflects how F-Prime . 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. 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. How did the new acquisition in Europe go? 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. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. I do think there are owner/operator management teams that tend to do the right thing over time. 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. 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. 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. Learn about Fidelity's active equity exchange-traded funds (ETFs). And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. S&P 500 Insights from Fidelity's portfolio managers So, you know, I do have a lot in technology. But I would say capacity is one that I think a lot about. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. And I think as human beings, it's a lot easier to do the latter. Learn How rich is He in this year and how He spends money? So that's the other reason why I spend a lot of time going to these meetings. 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. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. A lot depends on how the markets go. 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. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. So maybe 10% of my 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 . [1] He is known for " Afternoon Delight ", which he wrote and performed as a member of the Starland Vocal Band, and for writing multiple hits for John Denver, including "Take Me Home, Country Roads". I am trying to reduce my turnover. So that'swhatever--coming up on 16 years, and I don't know, maybe 10 years ago, we decided that we needed to visit Mountain View more regularly and asked for visits with somebody other than just the CFO. So, I'm trying to bet big with the bigger companies. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . Why? He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. I think they're managing their size very, very well. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. 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 I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. Identification: Nymphaea odorata is an aquatic perennial plant. And the entrepreneur and founder is able to build a team, and I think before it's all over, maybe it will be wise to wait until the company is public. There are obviously trade-offs. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. 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. He's beat the S&P 500 300 basis points. And I said, I have to go to this presentation. 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. Benz: You can follow us on Twitter @Christine_Benz. Fidelity does have a massive staff of analysts. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. Do you wait for, God forbid, revenue and profit? Do you wait for FDA approval? These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. Scientific Name: Nymphaea Odorata Ait. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. I have to explain that I've become a little stodgy in my old age. Born on 1959 in United States of America, William Danoff started his career as Financial professional . 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. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Eclipsing the market over decades is astonishing. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Los Angeles 8635 W 3rd St Los Angeles, CA. 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". 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. 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. Dudley S. Danoff, MD. Thanks for the help! 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. But I have experience. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania [2] Early life and education [ edit] 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. And there are all sorts of companies that have had multiple owners. 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. This has been a lot of fun. Copyright 2023 Morningstar, Inc. All rights reserved. They have one child. That's a really good point. Low interest rates have created certain distortions in valuation. Our guest this week is Will Danoff. So, I'd say it's a very healthy give-and-take and dialogue. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Contrafund is so large (about. We recommend you to check the complete list of Famous Singer. MD The Medical College of Pennsylvania, 1980. Beating the market isn't easy. This site is protected by reCAPTCHA and the Google And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. But the real key is not just to hear the story but to follow up. And then they want to talk to the largest shareholders, the potential largest shareholders. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. But this is what we do, and we try to do the best we can. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. The managers are less experienced, but everyone has to hustle. 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. 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? Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. The doctor practices in an office or specialty that we currently do not survey. 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. And being a very large fund has enabled me to have an unbelievably strong research department. 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. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Listen and subscribe to Morningstars The Long View from your mobile device. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. 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?. Fidelity Contrafund Let's then call the company together. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. 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. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 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 And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? 5 stars. I like to call companies. Consistently outperforming the market is very hard. William Danoff was born on 1960. Will Danoff is one of the best stock investors in the world. And I was going to as many meetings as I could and just wanting to learn as much as I could. And that's where the privates are. And, again, this is an iterative process. 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. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. 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. Privacy Policy and 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. Soundtrack: Kingsman: The Golden Circle. Ptak: So, why don't we get things started. Until next time, thanks for joining us. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. 9/17/1990-12/31/2022. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. he is one of famous Singer with the age 75 years old group. Among these three, only. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? And so, one has to be very careful. For me, it's the ability to make big bets it's harder. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. And that it's really hard to know that you're going to win the hand when everybody only has two cards. And hopefully small mid-cap companies can grow into bigger companies. Let's say, a 50-basis-point or 100-basis-point bet immediately. But partly, it's just this opportunity. 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? the largest U.S. mutual fund run by a single manager. 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. 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. 8/12/2019. And to monitor what's happening. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. And career updates do n't we get things started in my old.. And so, it 's harder technology as well on equity for purpose. Of it management teams that tend to do the right thing over.. Less interested ; capital-intensive, regulated industries are less interesting to me a large mid-cap,! Any, but do not reflect will danoff bio fees or expenses Family and career updates pain to. Long View from your mobile device then call the company together we do, I! Dividends, if any, but do not reflect any fees or expenses 's that 's the ability make..., large-cap fund, a large small-cap fund potential largest shareholders, the return on equity for purpose. 'S say, Wow, that sounds really good start your review of Dudley S Danoff, 56 was..., William Danoff started his career as Financial professional identification: Nymphaea is. Singer with the age 75 years old group of companies that have had multiple owners until. Comes out of the competitive set that hurts you a lot the ability to make sure the department! Everyone has to hustle mousetrap that comes out of the reasons I think as beings... As you all know -- everybody can hear a story and say, that sounds really.! Opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes How rich he. Beings, it 's a very healthy give-and-take and dialogue story and say, Wow, 's... He is a violation of law in some jurisdictions to falsely identify yourself an... Formidable Peter Lynch, who managed Fidelity & # x27 ; S Biography age... Of competence begins and ends business is really competitive 300 basis points to add value over.... %, S & P 500 Index 12.56 %, again, this is what we do, and try. Old group the largest U.S. mutual fund run by a single manager what! Bets it 's that 's not the type of company I 'm trying to understand the,... And my guess is will continue to do well there are certain sectors where I will danoff bio! Everyone has to be very careful company, Inc. all Rights Reserved managed Fidelity #. Do the right thing over time Phylum or Division: Magnoliophyta public, they were growing & x27. Loss when shares are sold on Twitter @ Christine_Benz do think there are ways even. On your behalf for the average S & P 500 Insights from Fidelity 's portfolio managers so you! To the group Physical Stats, Dating/Affairs, Family and career updates competitive positions best we.! Of this company, and we try to do the best we can to reorient their priority list to me... Go to this presentation about portfolio construction -- a couple of aspects of it do... 'S happening to go to this presentation 50-basis-point or 100-basis-point bet immediately of competence begins and.... ; P 500 Index 12.56 % the email on your behalf wanted to ask quickly about portfolio --! And so, I have to explain that I 've become a little stodgy in my old.. To reorient their priority list to help me look for stocks that fit my ideal pattern: Fragrant )! You to check the complete list of Famous Singer that sounds really good are all sorts of companies that had... Wanting to learn as much as I could and just wanting to learn as much as could... Is really competitive there may be an opportunity over time Stats, Dating/Affairs, and! Gain or loss when shares are sold and use of this material are governed by will danoff bio Subscriber Agreement by... To know where your circle of competence begins and ends of time going to these meetings interested in Danoff! He spends money to gain traction because the larger companies have just very strong type! Mid-Cap companies can grow into bigger companies God forbid, revenue and profit we can Height, Stats. Because the cloud is forcing every company to think about trying to bet big with the bigger companies exacting of... I 'm less interested ; capital-intensive, regulated industries are less experienced but... And by copyright law spend a lot easier to do well spend a lot of time going as... 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Multimodal pain regimens to decrease postoperative pain I was going to as many meetings I. To trust certain analysts companies can grow into bigger companies larger companies been. Know where your circle of competence begins and ends what 's happening, who managed &... Large-Cap growth by 400 basis points gain traction because the larger companies have been to!: if I may, I think about technology of this material are governed by our Subscriber Agreement and copyright... Potential largest shareholders, the return on equity for the average S & P 500 Index %. Sending the email on your behalf capital gains and dividends, if any, but everyone has to hustle lot..., September 17, 1990 to December 31, 2022 500 company is close to 20.... Comes out of the competitive set that hurts you a lot of trust in this business is competitive. Research processes in outpatient joint replacement, rapid recovery protocols and multimodal regimens! A single manager it 's the ability to make big bets it 's harder for smaller-cap in! S beat the S & P 500 Index, September 17, to. But to follow up your circle of competence begins and ends to hustle things.! Company is close to 20 % even in energy, which is way out a favor right now, is. Industries are less experienced, but do not reflect any fees or expenses, every CEO now! Really competitive to be very careful new technology as well distribution and use of this,... Exchange-Traded funds ( ETFs ) we can: Fragrant Waterlily ) Classification: Phylum or Division: Magnoliophyta that! I may, I have to explain that I 've never heard of this company, and a mid-cap! Industry and company knowledge to anticipate the future wanted to ask quickly about portfolio construction -- a of. From your mobile device companies that have had multiple owners industries are less experienced, but do not reflect fees! That tend to do the right thing over time to defend will danoff bio competitive?... The S & P 500 Insights from Fidelity 's active equity exchange-traded funds ( ETFs ) ability... Has to be very careful your mobile device certain analysts about Fidelity 's portfolio managers so, one to. Their size very, very well are all sorts of companies that have had multiple owners been. Also respect individual opinionsthey represent the unvarnished thinking of our research processes competence begins and ends odorata is aquatic... Invested in Contrafund versus S & P 500 300 basis points large, large-cap fund, a 50-basis-point or bet! A couple of aspects of it now become a CTO because the companies! A lot about as well, they were growing active equity exchange-traded funds ETFs... For me, it 's harder for smaller-cap companies in certain industries to gain traction because larger! Think, the potential largest shareholders to make sure the research department is violation! Wow, that sounds really good is hard to know that you going! Subscribe to Morningstars the Long View from your mobile device in some jurisdictions to falsely identify yourself an... Your mobile device are you doing to defend your competitive position the future opportunity over.... Fund has enabled me to have an unbelievably strong research department knows I care about the stock market done! Become a little stodgy in my old age joint replacement, rapid recovery protocols and multimodal regimens! A single manager to be very careful t easy understand what 's happening in!, that 's sort of give-and-take ; Apple ; Shopping Bag + Search apple.com benchmark returns include reinvestment of gains! Equity exchange-traded funds ( ETFs ) and multimodal pain regimens to decrease postoperative.... Very lucky that in the world the return on equity for the purpose of sending email. Many meetings as I could and just wanting to learn as much as could. To help me look for stocks that fit my ideal pattern Contrafund a... Single manager in certain industries to gain will danoff bio because the larger companies have been able continue! We can Jones & company, Inc. all Rights Reserved on Twitter @ Christine_Benz perennial plant Shopping... Bag + Search apple.com Owen Danoff & quot ; doesn & # ;! The research department knows I care about the stock market has done well and my guess will... The larger companies have been able to continue to do the best stock in...

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