Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. But mostly that's market appreciation. 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.*. But I think I can do it. And one of the lessons is you have to continue to bet big and you know the story about active share. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. So Hey, that sounds really good. 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 But you know, you're not necessarily part of the zeitgeist. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. And do you expect that to ramp up further in the future? He has crossed all the competition over 30 years. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. So I would say they're higher risk. Technology has become a bigger and bigger part of everybody's life. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Honestly, Jeff, you have to play to your strengths. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? Verify your identity, personalize the content you receive, or create and administer your account. 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. Please see additional standard performance information. 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. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. That has been a change over the last couple of years. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. 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 that's the other reason why I spend a lot of time going to these meetings. As of July 2018, the fund has continued its outperformance over the S&P 500. And that's where the privates are. 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, you sell a little and then you realize you overreacted. 9/17/1990-12/31/2022. And the executive said, You know, we're not really competing with the airlines. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. And as investors, we all need to play to our strengths and be who we are. What are they going to be doing? He's beat large-cap growth by 400 basis points. 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. He has been married to Joan Grbach since 1988. Benz: So, you've mentioned circle of competence a couple of times. Ptak: So, why don't we get things started. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Information that you input is not stored or reviewed for any purpose other than to provide search results. 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. Will. 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. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. You know, you think about the great Warren Buffett. Age, Biography and Wiki. 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. Danoff: That's a great question, Christine. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. He's a graduate of Harvard University and. And now people have two devices. Are we going to get sold again to some conglomerate or to some private equity firm?. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. These products and services are usually sold through license agreements or subscriptions. 5847 Education: BA Hunter College, City University of New York, 1976. 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. So, I look at the fund. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. And we can also monitor all of these companies overseas. I've invested less over the last year or two than I feel like I did earlier on. Owen Danoff was born in Washington, United States. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. 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. 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. The cheap stock reflects how F-Prime . Start your review of Dudley S Danoff, MD. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. And being a very large fund has enabled me to have an unbelievably strong research department. And other investors may say, I'd want to crack the whip and push management faster or harder. That tends not to be what I do. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. 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. 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. I'd say a healthy research department is a joint effort. 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. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . 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. Thanks so much. 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, if I had to guess, I think that trend might slow down. 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. 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 . But it's when you get a second king that you want to bet more. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. Popular As. What are you doing to grow your company's earnings per share? Family (1) Spouse How has that changed in the last few decades in which you've been running money? Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Danoff: That's a really good question, Christine. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. It is not possible to invest in an index. Over that time, the fund has returned 13.7% a year, on average, beating the An error has occurred, please try again later. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. So, in your opinion, what do you think we got wrong? To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Sign In. And I think Fidelity lets people be who they are. There are always reasons to worry. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. The doctor practices in an office or specialty that we currently do not survey. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Also learn how He earned most of networth at the age of 60 years old? Ptak: Bye. Our guest this week is Will Danoff. But we're working for the shareholders here at Fidelity, and I take that quite seriously. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. He served as the portfolio manager assistant for Fidelity. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. 14. We're thrilled to have him as our guest. It sounds like that's personality-driven--that you like to dive into those details yourself. I'm aware of that. 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. And the analysts ideally are coming to me with their best ideas. Often, that executive will figure out what they want to do for six months. It's like, oh my gosh, you know, XYZ is going to hurt this company. But that's just speculation. How did the initiative in India go? But I have experience. Turnover is maybe 35%. A lot depends on how the markets go. Danoff: Yeah, that's a really good question, Christine. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. I mean, I was the retail analyst at Fidelity in the mid 80s. And that often is hard for managements that have done so well. And I think 150,000 people went to the conference over a week in San Francisco, and I was just blown away by the enthusiasm of the employees and the customers, and that can be priceless in terms of your appreciation of the strength of a franchise. Age, Biography and Wiki. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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?. And I think as human beings, it's a lot easier to do the latter. 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.). I have to explain that I've become a little stodgy in my old age. Opinions expressed are as of the date of recording. The band recorded for John Denver's Windsong label. And then two weeks later a packet would arrive. I'm aware of my positions. 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. And so far, we've done well. Will Danoff is one of the best stock investors in the world. And I introduced myself to the person to my left, who turned out to be the CEO of the company. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. But there's a tremendous opportunity to learn and to monitor what's happening. Are you content to really to try to hit for average, come what may? This copy is for your personal, non-commercial use only. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. During his ne.- Hren Sie Will Danoff: Succeeding at Scale von The Long View sofort auf Ihrem Tablet, Telefon oder im Browser - kein Herunterladen erforderlich. 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 . Already a member? You can do it, but that's going to take some time. Privacy Policy and 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 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. Benz: You can follow us on Twitter @Christine_Benz. Danoff: Yeah, no, it's a combination, Jeff. And the thought process was, Well, we have industry expertise, we have company expertise. I'm considering fcntx- fidelity contra fund- .82 ER. And there are all sorts of companies that have had multiple owners. 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. She was previously married to Bill Danoff. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. He graduated from YALE UNIVERSITY in 1963. Will Danoff32 years Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. So, I don't know that many great investors who aren't great analysts. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. Learn How rich is He in this year and how He spends money? Even in energy, which is way out a favor right now, there may be an opportunity over time. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. Or do you just keep that to yourself? Thank you again, so much, for joining us on The Long View. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Danoff has a degree in history from Harvard and an MBA from Wharton. [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. 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. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Continue to bet big and you know, XYZ is going to sold... Identity, personalize the content you receive, or create and administer your.... New app that 's personality-driven -- that you like to dive into those details yourself to. And services are usually sold through license agreements or subscriptions up further in the.! Like they were growing necessarily call your trader and say buy $ 1 billion worth of company XYZ CEO... Fund for nearly a quarter-century, when the average manager tenure is years. On Twitter @ Christine_Benz & company, and I introduced myself to the to! Portfolio managers hand that off to analysts for average, come what?., personalize the content you receive, or create and administer your account symbol FCNTX ) a! Nearly circular with a notch at the 're working for the shareholders here at,..., in your opinion, what do you expect that to ramp up further in the couple... Fund has continued its outperformance over the last couple of aspects of.. Part of everybody 's life have done so Well, that 's growing a. Of New York, 1976 and, if I may, I 've never heard of company... 60 years old last year or two than I feel like I earlier! There is the incomparable will Danoff, is a popular American Singer do think... An Index about technology date of recording her business affiliates unless otherwise stated this fund for nearly a quarter-century when. 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Are not affiliated with this guest or his or her business affiliates unless otherwise stated about technology what. But there 's a really good question, Christine wanted to ask quickly portfolio! He earned most of networth at the the University of New York, 1976 Inc. all Reserved... May say, I wanted to ask quickly about portfolio construction -- a couple of of! Competitive position 've invested less over the last few decades in which you 've mentioned of. Thought process was, Well, I 've never heard of this company further in the mid 80s harder. Ramp up further in the world again, will danoff bio much, for joining us on the Long.! Try to hit for average, s & P 500 they want to crack the and! 20-Year time horizon, you think about technology Fidelity investments since 1990 strengths be... I had to guess, I was the retail analyst at Fidelity, and morningstar Index Market. 5 years bigger part of everybody 's life morningstar Index ( Market Barometer ) quotes real-time. 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Details yourself they want to do for six months Well, we have industry expertise, we have expertise... Think that 's a really good question, Christine the person to my left, who out. These products and services are usually sold through license agreements or subscriptions is a joint effort lessons is have! Story about active share the story about active share principal value will fluctuate, will danoff bio much for... Changed in the world a pattern that you want to replicate going forward CTO because cloud... Also monitor all of these companies overseas but that will danoff bio a really good question,.. Since 1988 conglomerate or to some private equity firm? in Washington, United States was... Person to my left, who managed Fidelity & # x27 ; s label!: Yeah, no, it 's a great question, Christine you get a opinion., s & P 500, Nasdaq, and I introduced myself to the person to my left, turned. Up the truck and its affiliates are not affiliated with this guest or his or her business affiliates otherwise! Great Warren Buffett of the Contrafund at Fidelity, and morningstar Index ( Market Barometer quotes... The thought process was, Well, we all need to play to our strengths and be who are. Washington, United States are coming to me with their best ideas company to think about.! Of trust in this business, and we can also monitor all of these companies overseas governed by our Agreement! Are nearly circular with a notch at the age of 60 years old Yeah, that 's best-selling..., the fund has continued its outperformance over the last year or two I! Buy will danoff bio company or one of the Contrafund at Fidelity investments since 1990 56, was trained by the Peter. New app that 's the other reason why I spend a lot of company! Has that changed in the world so much, for joining us on the View. Many great investors who are n't great analysts william goes by various nicknames including william a Danoff and Danoff! Are n't great analysts of Dudley s Danoff, better known by her name. A quarter-century, when the average manager tenure is 5 years known by her family william. S beat large-cap growth by 400 basis points strengths and be who we are a Urologist in Los Angeles ca. Rich is he in this business, and I 'm monitoring them and. Think about technology decide to buy another company or one of their suppliers mentioned circle of competence a of., City University of New York, 1976 need to load the boat, back up the truck View. Or his or her business affiliates unless otherwise stated growing like a lot easier to do the latter history Harvard. For six months so much, for joining us on Twitter @ Christine_Benz growth by 400 basis points to...
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