Why? Fidelity does have a massive staff of analysts. On the other hand, I would say that a good individual investor, a sophisticated individual investor, can go on to YouTube and hear interviews with the great CEOs of the biggest companies in the world. Our guest this week is Will Danoff. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. How did the new acquisition in Europe go? (2008) and Bloodrunners (2017). And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. You can do it, but that's going to take some time. Often, that executive will figure out what they want to do for six months. The Internet is changing business models, but it's helping a fair number of companies. But capacity is what it is--that was a decision that I didn't make. You may have a gain or loss when you sell your shares. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. But the real key is not just to hear the story but to follow up. 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. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. I'm investing less. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. 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. India is emerging as an important experimental ground for a lot of new technology as well. 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. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. So nowadays that can all be done electronically, immediately. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? . I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. 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. Born on 1959 in United States of America, William Danoff started his career as Financial professional . And the analysts ideally are coming to me with their best ideas. I hadn't really prepared, but I was just going to just learn about this new company. These are behemoth companies. 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. We recommend you to check the complete list of Famous People born on . All investments are subject to investment risk, including possible loss of principal. But I think I can do it. 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. 14. That's a really good point. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. I tend not to do well when we have to make a quick pivot. And I'm constantly looking for better ideas. Let's say, a 50-basis-point or 100-basis-point bet immediately. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. And the thought process was, Well, we have industry expertise, we have company expertise. Verify your identity, personalize the content you receive, or create and administer your account. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Copyright 1998-2023 FMR LLC. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. So maybe 10% of my time. 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. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. How has that changed in the last few decades in which you've been running money? 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. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And, if I had to guess, I think that trend might slow down. And I said, I have to go to this presentation. Technology has become a bigger and bigger part of everybody's life. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). Read our editorial policy to learn more about our process. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. An error has occurred, please try again later. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Thanks for joining us on The Long View. 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. We so appreciate the time and insights you've shared with us and our listeners today. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). And then my second question is how you size positions. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. And I hope everybody has a great year. Performance data shown represents past performance and is no guarantee of future results. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. Find Dr. Danoff's phone number, address, hospital affiliations and more. Permanent link 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 Consistently outperforming the market is very hard. And there are all sorts of companies that have had multiple owners. We're seeing the new management teams when they come to Boston to tell us how excited they are to take over the company, and finding new ideas then raises the bar for your existing positions. And I'm seeing 25 or more companies a week. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. I'd say a healthy research department is a joint effort. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. he is one of famous Financial professional with the age 62 years old group. 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? Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Listen and subscribe to Morningstars The Long View from your mobile device. You know, what I tell the team is, When in doubt, let's call the company. And again, as a large shareholder, I have that opportunity to just call the company, or the Fidelity systems are good that I can pull up every weekend the research notes that have been written on my top 50 positions, and the top 50 might be 65% of the fund. 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. 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.*. Also learn how He earned most of networth at the age of 60 years old? 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. We're thrilled to have him as our guest. Beating the market isn't easy. 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. He's a graduate of Harvard University and. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. I do think also with technology and the Internet that bigger companies are executing better. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? And it's an iterative game. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Privacy Policy and 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. 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. Insights from Fidelity's portfolio managers. 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. Thank you again, so much, for joining us on The Long View. I want to make sure the research department knows I care about the stock. Danoff: That's a really good question, Jeff. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. 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. Let's then call the company together. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. I have to explain that I've become a little stodgy in my old age. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. As with any search engine, we ask that you not input personal or account information. He served as portfolio assistant for the Magellan Fund. 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. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. The managers are less experienced, but everyone has to hustle. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. 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. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. Scientific Name: Nymphaea Odorata Ait. But if they don't, what are we learning from that? Age, Biography and Wiki. Danoff: I'm not sure of the percentage, Christine. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. How did the initiative in India go? And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Class: Magnoliopsida. 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. 8/12/2019. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. 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. He was previously married to Taffy Nivert. They made some mistakes and learned from their mistakes. And in talking to company management--what do you think you get from that experience? 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. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. 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. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. 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. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. 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. Mr. Danoff manages Fidelity's Contrafund and has for over thirty years. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. And as investors, we all need to play to our strengths and be who we are. And that it's really hard to know that you're going to win the hand when everybody only has two cards. So, if I had to guess, I'm going to spend less time with privates in the future. 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. 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 even in the utility space, you can find interesting special situations. This year, he marks three decades of managing the $131 billion Do you attempt to improve what you're not good at? 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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. Also learn how He earned most of networth at the age of 31 years old? Bill Danoff Family Background & Career. We recommend you to check the complete list of Famous Singer. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. And being a very large fund has enabled me to have an unbelievably strong research department. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. Over that time, the fund has returned 13.7% a year, on average, beating the 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? But there's always controversy. They're low capital intensity because they outsource their manufacturing. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. Terms of Service apply. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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. William Danoff is currently vice president at Fidelity Investments. I mean, Apple is the largest company in the world; they're very profitable. 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. At the helm of Fidelity's Contrafund,. 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 The cheap stock reflects how F-Prime . TOP 2.5%. Are we going to get sold again to some conglomerate or to some private equity firm?. As of July 2018, the fund has continued its outperformance over the S&P 500. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. 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". 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. 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 is one of famous Singer with the age 75 years old group. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. This copy is for your personal, non-commercial use only. And I don't want it to fall by the wayside. And I think that probably partly explains why I haven't been as active on social media. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. This would be through my 401k, so all tax deferred. And that's one way to improve your understanding of important trends that important companies like Google are seeing and then assess the quality of the management below just the CFO or the CEO. You can help Wikipedia by expanding it. In the biotech area--I took biology 40 years ago--so, I am way out of date. Danoff: Yeah, no, it's a combination, Jeff. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. 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