And so far, we've done well. India is emerging as an important experimental ground for a lot of new technology as well. I respect you. Order: Nymphaeales. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. As with any search engine, we ask that you not input personal or account information. By using this service, you agree to input your real email address and only send it to people you know. It's really hard for me to get excited about it like you. TOP 2.5%. William Danoff is currently vice president at Fidelity Investments. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. So Hey, that sounds really good. Thanks for joining us on The Long View. 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. Ptak: Bye. And hopefully small mid-cap companies can grow into bigger companies. I'm aware of that. Please see additional standard performance information. Learn How rich is He in this year and how He spends money? But we're working for the shareholders here at Fidelity, and I take that quite seriously. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Terms of Service apply. MD The Medical College of Pennsylvania, 1980. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. Fidelity Contrafund It is a violation of law in some jurisdictions to falsely identify yourself in an email. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. But when it comes to some of the tech and the biotech, I'm treading more lightly. Let's then call the company together. the largest U.S. mutual fund run by a single manager. 5 stars. I mean Fidelity is an unbelievable organization. 9/17/1990-12/31/2022. We've detected you are on Internet Explorer. So, I think you mentioned the word edge, I don't think about edge at all. You can't always assume that managements going to do the right thing. Will. From You. We're thrilled to have him as our guest. 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. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Fidelity does not guarantee accuracy of results or suitability of information provided. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. They're low capital intensity because they outsource their manufacturing. Mr. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. But if they don't, what are we learning from that? This would be through my 401k, so all tax deferred. 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. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 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. All investments are subject to investment risk, including possible loss of principal. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. But partly, it's just this opportunity. [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 this letter was written by the parents of a young child, 1 year old boy. She was previously married to Bill Danoff. 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. We recommend you to check the complete list of Famous Singer. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. 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. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Learn about Fidelity's active equity exchange-traded funds (ETFs). 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 I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 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. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. And I introduced myself to the person to my left, who turned out to be the CEO of the company. That's a really good point. And now people have two devices. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. His name is Will Danoff. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 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. Please see additional standard performance information. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. The cheap stock reflects how F-Prime . And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? Investments in foreign securities involve greater risk than U.S. investments. 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. In the biotech area--I took biology 40 years ago--so, I am way out of date. 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. 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. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. But there's always controversy. Will Danoff32 years 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. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. 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? Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. And again, experience plays a role here. And I've been with the Contrafund for 29, almost 30 years. 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. But I would say capacity is one that I think a lot about. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. Such opinions are subject to change. 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.*. Over that time, the fund has returned 13.7% a year, on average, beating the 269. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. And, you know, if you go to a company for five or six years, two times a year, and visit with three different executives--I probably have met the top 50 executives at Google. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. 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. These are behemoth companies. 30 years of managing Fidelity Contrafund. Turnover is maybe 35%. And it's just a matter of finding those companies. And then they want to talk to the largest shareholders, the potential largest shareholders. 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, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . And we talked about the long view. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. There are always reasons to worry. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. And I've added value relative to the index. So, the question is, Why haven't you? 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. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. Danoff has a degree in history from Harvard and an MBA from Wharton. 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. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. So, I'm trying to bet big with the bigger companies. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. Performance data shown represents past performance and is no guarantee of future results. S&P 500 And I only knew the name of the company. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. He served as portfolio assistant for the Magellan Fund. 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 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. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. He served as the portfolio manager assistant for Fidelity. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Danoff: That's a really good question, Jeff. Family (1) Spouse Sign In. I'm leveraging your industry expertise. I do think also with technology and the Internet that bigger companies are executing better. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). And so, one has to be very careful. Ptak: So, why don't we get things started. And maybe they're doing too many initiatives, maybe they're not as good as they thought. At the helm of Fidelity's Contrafund,. But I have experience. Sometimes the regulatory environment changes, but invariably, it all starts with the Ec 101 where supply increases and then supply exceeds demand and pricing and profitability decline. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Our guest this week is Will Danoff. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? So, I try to stay within my own circle of competence. I think it would be hard if I hadn't grown up with the fund. 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. And I hope everybody has a great year. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Do you wait for FDA approval? He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. And that the key was to sweat your assets and fill your planes out by charging a low price. 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. And that's where the privates are. And the executive said, You know, we're not really competing with the airlines. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. Taffy Nivert. Maybe that's a good place for us to start. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. I like to call companies. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . And they were a relatively small player with a differentiated product and mostly selling balances to labs. And when these companies do come around to Boston, they presumably have an agenda. Are we going to get sold again to some conglomerate or to some private equity firm?. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Benz: We were hoping you could touch briefly on the role of private firms in the portfolio, perhaps talk about what percentage of time you spend researching private firms--you reference them earlier in the conversation, that theyre maybe a bigger part of your thought process than they were years ago. 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. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Mitchell Danoff is 71 years old and was born on 07/24/1951. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Tom Ford. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. 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. So nowadays that can all be done electronically, immediately. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. And they've just kept executing. 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. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. 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. 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. So, I went, and I was really excited about the story. Permanent link We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. Mitchell C. Indio, CA. But can you provide any more color on why you continue to be so involved in those meetings? And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. 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. Benz: So, you've mentioned circle of competence a couple of times. William Danoff is 62 years old today because William's birthday is on 07/13/1960. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. 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. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Owen Danoff was born in Washington, United States. But there's something to be said for not going to any meetings. Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. 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. Why haven't you done those things? Provide specific products and services to you, such as portfolio management or data aggregation. So, I'd say it's a very healthy give-and-take and dialogue. An error has occurred, please try again later. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. You've always been different in your approach. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. 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. Kalra currently manages Fidelity Blue Chip Growth Fund. Copyright 1998-2023 FMR LLC. 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 I would say they're higher risk. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Thank you again, so much, for joining us on The Long View. 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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. 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. Finally, we'd love to get your feedback. he is one of famous Singer with the age 75 years old group. Learn How rich is He in this year and how He spends money? 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. And I was going to as many meetings as I could and just wanting to learn as much as I could. Find Dr. Danoff's phone number, address, hospital affiliations and more. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. Our guest this week is Will Danoff. This has been a lot of fun. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania [2] Insights from Fidelity's portfolio managers But Fidelity gives us this great platform because we're one of the largest institutional investors. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. Popular As. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 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