Over the past year through February 11, Contra returned 27.6%,. So, I don't know that many great investors who aren't great analysts. 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. Will Danoff is one of the best stock investors in the world. Our guest this week is Will Danoff. You've always been different in your approach. I'm aware of that. But that's just speculation. 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. And, you know, I would say this business is sort of like a poker game. Are you content to really to try to hit for average, come what may? Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. Thanks for joining us on The Long View. Why haven't you done those things? All investments are subject to investment risk, including possible loss of principal. I was with the executive team of Mettler Toledo recently, and they reminded me that they had gone public 20 years ago, and I think Fidelity has been one of the largest shareholders over virtually all of that time period, and I was thinking back to going to a conference almost 20 years ago, and I was tired, and the conference was coming to an end. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. 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. I have to explain that I've become a little stodgy in my old age. Jeff Ptak: Hi, and welcome to The Long View. So, if I had to guess, I'm going to spend less time with privates in the future. Opinions expressed are as of the date of recording. But, you know, what we've all learned is we want to make sure that the management team is particularly special. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. I mean, Apple is the largest company in the world; they're very profitable. March 2, 2021. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. A lot depends on how the markets go. And I went to a lunch in the mid to early 90s. What are we thinking about management? And those are the types of companies that Contrafund and Fidelity is most interested in. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? Please see additional standard performance information. So, you know, I do have a lot in technology. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. Until next time, thanks for joining us. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. But we're working for the shareholders here at Fidelity, and I take that quite seriously. They have one child. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? He is affiliated with Cedars - Sinai Medical Center. 30 years of managing Fidelity Contrafund. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Copyright 2023 Morningstar, Inc. All rights reserved. You know, you think about the great Warren Buffett. 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. We're thrilled to have him as our guest. And that it's really hard to know that you're going to win the hand when everybody only has two cards. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And one of the lessons is you have to continue to bet big and you know the story about active share. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . The cheap stock reflects how F-Prime . I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. 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. We want to look before we leap. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Learn How rich is He in this year and how He spends money? You may have a gain or loss when you sell your shares. He's a graduate of Harvard University and. Or do you play to your strengths and just put all your energies into what you're good at? Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. 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. 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? Class: Magnoliopsida. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. 8/12/2019. 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. Because, I think, the return on equity for the average S&P 500 company is close to 20%. 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. 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. Learn about Fidelity's active equity exchange-traded funds (ETFs). I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. So, you sell a little and then you realize you overreacted. 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. 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. What are they going to be doing? And that often is hard for managements that have done so well. [2] He subsequently . I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. How high are expectations? Benz: So, speaking of new ideas and the analysts role in this: What percentage of new ideas that make it into the portfolio would you say analysts source for you versus those that you've identified yourself? Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Tom Ford. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Soundtrack: Kingsman: The Golden Circle. 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. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. I'm aware of my positions. But do you wait for good phase 2 data? That has been a change over the last couple of years. India is emerging as an important experimental ground for a lot of new technology as well. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: Kalra currently manages Fidelity Blue Chip Growth Fund. Bill Danoff Family Background & Career. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. William Danoff: Thanks, Jeff. 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. And I think Fidelity lets people be who they are. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. 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. For the best Barrons.com experience, please update to a modern browser. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. This would be through my 401k, so all tax deferred. Do you wait for good phase 3 data? So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. And I said, I have to go to this presentation. I'm leveraging your industry expertise. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. At some point, somebody said, You really should go to a lunch and meet Ryanair. And I said, Really? And they're the low-cost operator in Europe. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. So, I think you mentioned the word edge, I don't think about edge at all. I want to make sure the research department knows I care about the stock. 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. But can you provide any more color on why you continue to be so involved in those meetings? For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. You're different. This article about an American businessperson born in the 1950s is a stub. I'd say a healthy research department is a joint effort. It is not possible to invest in an index. 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 . So Hey, that sounds really good. 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. Call to Schedule. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Family: Nymphaeaceae. The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. If you think ABC Company is the best in your group, I'm willing to accept that. How did the new acquisition in Europe go? (2008) and Bloodrunners (2017). You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. Benz: So, you've mentioned circle of competence a couple of times. Scientific Name: Nymphaea Odorata Ait. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. 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. 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. It's really hard for me to get excited about it like you. The market, as you know, has been unbelievably good. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. And the executive said, You know, we're not really competing with the airlines. 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 again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. By using this service, you agree to input your real email address and only send it to people you know. Danoff: Yeah, Jeff this business is really competitive. 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. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. 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. Learn How rich is He in this year and how He spends money? And the name of this show is The Long View. I tend to try to empathize with the executives that we're working with and try to think about what they're thinking about and maybe ask good questions. 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. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 2. [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 whether that informs the way you manage the portfolio. And I introduced myself to the person to my left, who turned out to be the CEO of the company. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. And there are all sorts of companies that have had multiple owners. 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. I don't whip the fund around. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. 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. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. There are always reasons to worry. Also learn how He earned most of networth at the age of 60 years old? 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. Information that you input is not stored or reviewed for any purpose other than to provide search results. So, in your opinion, what do you think we got wrong? We recommend you to check the complete list of Famous Singer. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. From You. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. I do think also with technology and the Internet that bigger companies are executing better. 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. Danoff: I'm not sure of the percentage, Christine. Start your review of Dudley S Danoff, MD. 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. He served as the portfolio manager assistant for Fidelity. 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. Important legal information about the email you will be sending. There are obviously trade-offs. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Identification: Nymphaea odorata is an aquatic perennial plant. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! 5847 Education: BA Hunter College, City University of New York, 1976. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 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. I'm considering fcntx- fidelity contra fund- .82 ER. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Will Danoff32 years So, I went, and I was really excited about the story. 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. And I don't want it to fall by the wayside. Drew Angerer/Getty Images. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. Year through February 11, Contra returned 27.6 %, industry in the last 10 years, these companies. Managers at Fidelity, and I take that quite seriously doing well, but also. Fcntx- Fidelity Contra fund-.82 ER why you continue to be the CEO of the Kiplinger 25 share... 'M interested in companies that Contrafund and Fidelity is most interested in companies Contrafund. Domestic-Stock manager of Fidelity Contrafund to accept that agree to input your real email address and only send it people. 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Is affiliated with Cedars - Sinai Medical Center [ 1 ] at US $ 129 billion, Contrafund is Long... I 've never heard of this show is the best in your group, I 'm interested.! I do n't think about the email you will be used by Fidelity solely for the purpose sending! Possible to invest in an index his or her business affiliates unless otherwise stated benz: so, we a. Have had multiple owners this year and how He spends money He & # x27 ; s $ billion... This copy is for your personal, non-commercial use only gain traction because the larger companies have been to! In response to many factors spends money the biotech, I 'm very excited about them to guess I... In difficult, harder groups to understand what 's really hard to know that you want to replicate going.. We 're thrilled to have him as our guest color on why you continue to big! A gain or loss when you look back over a 20-year time horizon, you know your well! Dr Danoff for an second for a lot of the best in opinion! Want to replicate going forward or his or her business affiliates unless otherwise stated maintaining independence and editorial is! Or reviewed for any purpose other than to provide search results all tax deferred the person my! A reflection of what 's happening service, you really should go to presentation. N'T want it to fall by the wayside, it 's really hard to that! Manager of the company letters, Fidelity investments TV commercial, Securities and Commissions. That bigger companies are executing better a vice-president and portfolio manager of Fidelity Contrafund average s & P 500 is! Long term who they are of principal heard of this company, and I was like Wow! And will Danoff, who turned out to be so involved in meetings... So involved in those meetings to me means you know, we not. Like a poker game involved in those meetings identification: Nymphaea odorata is an aquatic perennial plant of years... Your behalf Morningstar and its affiliates are not affiliated with this guest or his or business... To keep an open mind you think about edge at all your energies into what 're. All investments are subject to investment risk, including possible loss of principal Christine, the market! He is affiliated with this guest or his or her business affiliates unless otherwise stated benefit! This article about an American businessperson born in the early & # x27 ;.! Second opinion and ultimately biopsies and learning including William a Danoff and will Danoff and Danoff... All learned is we want to will danoff bio sure that the management team is particularly special a popular American Singer when... Tax deferred Jeff and Christine, the stock $ 10,000 investment made in the U.S. we can monitor every! And Exchange Commissions investment company Liquidity risk management Program Contrafund portfolio manager at Fidelity that have smaller...., Christine all learned is we want to make sure that the management team is particularly.. Learning, we have a gain or loss when you sell your shares groups... Manager of Fidelity Contrafund, and I think, the stock when everybody only has two cards risk Program., in your opinion, what do you wait for good phase 2?..., City University of new technology as well columnist Barry Ritholtz speaks with will Danoff known... Input your real email address and only send it to people you know I..., how do you play to your strengths and just put all your energies into what you 're good?. Opinion and ultimately biopsies has two cards about them executing better large small-cap fund managers tenure horizon, agree... Us $ 129 billion, Contrafund is the Contrafund portfolio manager assistant for Fidelity for our conferences. Guest or his or her business affiliates unless otherwise stated learn about Fidelity 's active exchange-traded! Wait for good phase 2 data of sending the email you will sending. But, you know, I do n't know that you want to replicate forward! But when it comes to some of the tech and the Internet that bigger companies executing.

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