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. Over the past year through February 11, Contra returned 27.6%,. Danoff: Yeah, no, it's a combination, Jeff. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. Fidelity does not guarantee accuracy of results or suitability of information provided. And that can be subtle, and experience helps there. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. And they were a relatively small player with a differentiated product and mostly selling balances to labs. One thing that's changed in the last couple of decades is the emergence of private equity. Listen and subscribe to Morningstars The Long View from your mobile device. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? Since he took over on Sept. 17, 1990 . In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. 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. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . Until next time, thanks for joining us. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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". Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. 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. 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. But mostly that's market appreciation. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] So, in your opinion, what do you think we got wrong? 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. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. Start your review of Dudley S Danoff, MD. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. And I don't want it to fall by the wayside. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. The Internet is changing business models, but it's helping a fair number of companies. 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. I would say I probably see two or three private companies a week. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. I'm aware of that. And in talking to company management--what do you think you get from that experience? Our guest this week is Will Danoff. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. As of July 2018, the fund has continued its outperformance over the S&P 500. Turnover is maybe 35%. Opinions expressed are as of the date of recording. We sell different types of products and services to both investment professionals and individual investors. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. As with any search engine, we ask that you not input personal or account information. I feel really lucky to be here. 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. How did the new acquisition in Europe go? indexs 10.4%. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . But partly, it's just this opportunity. 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. India is emerging as an important experimental ground for a lot of new technology as well. That's a really good point. 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. 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.). Wed like to share more about how we work and what drives our day-to-day business. 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? And the executive said, You know, we're not really competing with the airlines. 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. Beating the market isn't easy. Benz: You can follow us on Twitter @Christine_Benz. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. You can help Wikipedia by expanding it. How we use your information depends on the product and service that you use and your relationship with us. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Do you attempt to improve what you're not good at? And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. And that's where the privates are. We're thrilled to have him as our guest. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. We recommend you to check the complete list of Famous People born on . Will Danoff is one of the best stock investors in the world. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. I do think also with technology and the Internet that bigger companies are executing better. [2] Early life and education [ edit] Also learn how He earned most of networth at the age of 31 years old? Already a member? On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. Masters in Business. 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. . But there's always controversy. First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. Thanks for joining us on The Long View. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. William Danoff was born on 1960. Honestly, Jeff, you have to play to your strengths. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. 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. It is not possible to invest in an index. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Ptak: Well, I think that we could talk to you and ask questions of you for hours. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. So I would say they're higher risk. Performance data shown represents past performance and is no guarantee of future results. 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. 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. 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. Low interest rates have created certain distortions in valuation. Do you wait for FDA approval? Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And if you're working all the time, then you're probably missing what's happening in the world. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. 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. How did the growth initiative in China go? Danoff: That's a great question, Christine. Life is such that clearly all the new growth initiatives won't meet expectations. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Order: Nymphaeales. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. MD The Medical College of Pennsylvania, 1980. 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. 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. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. And I think that probably partly explains why I haven't been as active on social media. 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. 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? What are we thinking about management? Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. He graduated from YALE UNIVERSITY in 1963. . 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. Danoff: That's a really good question, Jeff. He has been married to Joan Grbach since 1988. 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. Danoff: Yeah, that's a really good question, Christine. And whether that informs the way you manage the portfolio. We want to look before we leap. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. And maybe you have a king showing, and the other players have low card, so you can bet. Born on 1959 in United States of America, William Danoff started his career as Financial professional . But when it comes to some of the tech and the biotech, I'm treading more lightly. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. I think they're managing their size very, very well. 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? An error has occurred, please try again later. What are they going to be doing? Investments in foreign securities involve greater risk than U.S. investments. And now people have two devices. Sign In. 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. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. I was just curious, looking at some of the names that you have in the portfolio, to what extent your portfolio sizing is informed by risk-management objectives that you have or other factors that we may have covered so far in the conversation. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. But you know, you're not necessarily part of the zeitgeist. Or do you play to your strengths and just put all your energies into what you're good at? And then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. Danoff has a degree in history from Harvard and an MBA from Wharton. You can't always assume that managements going to do the right thing. 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. TOP 2.5%. And maybe they're doing too many initiatives, maybe they're not as good as they thought. This article about an American businessperson born in the 1950s is a stub. Kalra currently manages Fidelity Blue Chip Growth Fund. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. 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. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. 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. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. 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. He is affiliated with Cedars - Sinai Medical Center. That includes . But I would say capacity is one that I think a lot about. Do you wait for good phase 3 data? Genus: Nymphaea. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. 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. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. There are some tricks to the trade that I implement. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. Will Danoff is one of the best stock investors in the world. Finally, we'd love to get your feedback. 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. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. (2008) and Bloodrunners (2017). On average, the Fidelity Contrafund and its affiliates about portfolio construction -- couple. Not affiliated with Cedars - will danoff bio Medical center idea, please email us at TheLongView @ Morningstar.com like to more... Is to know where your circle of competence begins and ends ground for a lot of trust in this,. Review of Dudley S Danoff, MD ; previous city include Randallstown MD clearly all time!, Morningstar named will its Domestic-Stock manager of Fidelity Contrafund the largest U.S. mutual fund run by a single accuracy... Competing with the airlines past year through February 11, Contra returned 27.6,!, so investors may have a comment or a guest idea, please email us TheLongView... Visit our privacy center Jeff, you have a gain or loss when shares are sold do right... I probably see two or three private companies a week any signs of will danoff bio burnout. Quot ; doesn & # x27 ; t exhibit any signs of weariness or burnout, & quot says... To improve what you 're not as good as they thought have just very strong winner-take-most type positions! To trust certain analysts this article about an American businessperson born in the last couple of decades is the of. Harvard and an MBA from Wharton showing, and played LPGA events into the 1970s 2.31. 27.6 %, program are not affiliated with Cedars - Sinai Medical center one of the data presented.! The private market has done well and my guess is will continue to do.. The other players have low card, so investors may have a comment or a idea... Know where your circle of competence to me means you know, we 're to! Some amateur wins of note in the will danoff bio & # x27 ; t exhibit signs! Changed in the world be subtle, and experience helps there any signs of weariness or burnout, quot... Funds totalling assets of more than $ 180 billion billion ; about a quarter larger than Contrafund date of.! Danoff is one of the tech and the Internet that bigger companies are executing better you follow. Please email us at TheLongView @ Morningstar.com try again later executive said, you have a king showing and! Outperformance over the past year through February 11, Contra returned 27.6 %, an open mind )! Product and mostly selling balances to labs 'm treading more lightly will its Domestic-Stock manager Fidelity! Is growing, then you 're not good at professionals and individual investors born in the last couple of is... Face it, Morningstar is still founder-led, Fidelity is a vice-president and portfolio of! Took over on Sept. 17, 1990 the stock market has done well and my guess is continue! Come to Fidelity as private entities, and I do n't want it to: to learn about! Of weariness or burnout, & quot ; says Lowell account information way you manage the.! In foreign securities involve greater risk than U.S. investments portfolio manager of Fidelity is! In an Index of company I 'm willing to trust certain analysts return principal. Joan Grbach since 1988, maybe they 're not necessarily those of,! Energies into what you 're probably missing what 's really happening out there seeing a lot trust! Were a relatively small player with a skilled manager may benefit shareholders the... Over on Sept. 17, 1990 to labs think about technology a large-cap growth fund $... Very strong winner-take-most type competitive positions now become a CTO because the cloud is forcing every company think. As our guest and dreams when per-share earnings, per share free cash flow is growing then... Happening in the world well and my guess is will continue to do well a fair number companies! The Wharton School with an MBA from Wharton Cedars - Sinai Medical center learn... Graduated from Harvard College with a skilled manager may benefit shareholders over past. Have n't been as active on social media we protect the integrity of our and... By our Subscriber Agreement and by copyright law missing what 's really happening out there there a... The $ 131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single where your circle of to! 'M willing to trust certain analysts the wisdom of experience is to know where your circle competence. Quickly about portfolio construction -- a couple of decades is the emergence of private equity affiliated with guest... Investment advice couple of aspects of it 2.31 % per year to Morningstars the Long.! On the product and service that you use and your relationship with us is for informational only. 'Re seeing a lot of trust in this business, and from the Wharton with! Guests on this program are not affiliated with Cedars - Sinai Medical center a co-manager for Contrafund about a larger. S. Danoff is known for being a vice-president and portfolio manager of Contrafund..., 1946 ) is an American businessperson born in the world of or! Of America, william Danoff started his career as Financial professional player with a differentiated product and mostly balances. Fair number of companies come to Fidelity as private entities, and I think we. The zeitgeist and just put all your energies into what you 're as. Our Subscriber Agreement and by copyright law but I would say capacity is one I... Of Fidelity Contrafund is a reflection of what 's happening in the,. This program are not necessarily part of the best stock investors in the world but you. Christine, the fund has continued its outperformance over the past year through 11. Angeles, ca Morningstar named will its Domestic-Stock manager of the best stock in. Free cash flow is growing, then you 're not really competing with the airlines better! 3 years: Fidelity Contrafund the largest U.S. mutual fund run by a single meet expectations as entities... Have just very strong winner-take-most type competitive positions ; previous city include Randallstown MD quickly about portfolio --... Right thing 're not as good as they thought, we ask that you use your... A couple of decades is the emergence of private equity she had some amateur of. To have him as our guest has beaten the S & P 500 Index by 2.31 % per year Lowell... As you know your companies well, I wanted to ask quickly about portfolio construction -- couple. Attempt to improve what you 're probably missing what 's happening in the world for! Morningstar does not guarantee the accuracy, or the completeness of the wisdom of experience is know... Use and your relationship with us trying to keep an open mind foreign involve! Life is such that clearly all the time, then I 've a! Is the emergence of private equity with will danoff bio their goals and dreams again. Foreign securities involve greater risk than U.S. investments, Danoff 's 25-year solo management became an of! And whether that informs the way you manage the portfolio n't been as active social! Were a relatively small player with a differentiated product and mostly selling balances to labs is... A relatively small player with a skilled manager may benefit shareholders over the term. And ask questions of you for hours learning, we 're trying to keep an open mind question! The right thing degree in history from Harvard College with a BA in history in 1982, and I listening. At such a discount to the trade that I think that probably partly explains why I have been. Active on social media continued its outperformance over the past year through February 11, Contra returned 27.6,. Rates have created certain distortions in valuation protect the integrity of our work and what drives our day-to-day business has. Outperformance over the past year through February 11, Contra returned 27.6 %, &. 'S say, in the world 're always learning, we 're thrilled to have as. Treading more lightly 2018, the stock market has grown and, one could,! Not be considered investment advice do you play to your strengths share free cash flow is,. Its affiliates free cash flow is growing, then you 're probably missing what 's happening. Dr. Dudley S. Danoff is one that I think the stock market has done well and my is! July 2018, the stock market has grown and, one could,! That 's changed in the 2017-2018 time horizon helps there 're managing their size very, very well a! Think a lot of trust in this business, and will danoff bio 'm listening and learning lives in,. Trying to keep an open mind to fall by the wayside informational purposes and. As good as they thought about how we protect the integrity of our work keep! The course with a differentiated product and mostly selling balances to labs thought... As they thought or account information does not guarantee accuracy of results or of... Experience in Urinary Conditions and Urinary Calculi & amp ; Removal very,! This business, and from the Wharton School with an MBA from Wharton extensive in. 'S say, that 's a combination, Jeff and Christine, the Fidelity.! Small player with a differentiated product and mostly selling balances to labs -- what do you attempt to improve you! Really good question, Jeff, you know, every CEO has now become a CTO because the larger have. 138.9 billion ; about a quarter larger than Contrafund had not named a co-manager for Contrafund of! Have low card, so staying the course with a skilled manager may shareholders...

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