And, you know, I would say this business is sort of like a poker game. 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. 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. This has been a lot of fun. Also learn how He earned most of networth at the age of 60 years old? Identification: Nymphaea odorata is an aquatic perennial plant. 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. Over the past year through February 11, Contra returned 27.6%,. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Already a member? 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. So, the bar has risen for the Contrafund. 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. 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. Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. We recommend you to check the complete list of Famous People born on . You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. His office accepts new patients. 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. And that's where the privates are. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Opinions expressed are as of the date of recording. This year, he marks three decades of managing the $131 billion 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. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. 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. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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. Danoff: That's a really good question, Jeff. And those are the types of companies that Contrafund and Fidelity is most interested in. 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? Life is such that clearly all the new growth initiatives won't meet expectations. But there's a tremendous opportunity to learn and to monitor what's happening. You can help Wikipedia by expanding it. 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. 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. Fidelity Contrafund So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to beat the S&P 500 by an average of more than 3 . And I'd say that we have meetings with these managements just like the other large institutions. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Or do you play to your strengths and just put all your energies into what you're good at? And in talking to company management--what do you think you get from that experience? Eclipsing the market over decades is astonishing. Mitchell Danoff is 71 years old and was born on 07/24/1951. You know, you think about the great Warren Buffett. Gear advertisements and other marketing efforts towards your interests. But capacity is what it is--that was a decision that I didn't make. Please see additional standard performance information. What are we thinking about management? 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. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. 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. 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 capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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. William Danoff is currently vice president at Fidelity Investments. The Internet is changing business models, but it's helping a fair number of companies. Important legal information about the email you will be sending. To make it into the starting lineup is not easy. At the helm of Fidelity's Contrafund,. And do you expect that to ramp up further in the future? 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Turnover is maybe 35%. They're low capital intensity because they outsource their manufacturing. I am trying to reduce my turnover. But I would say capacity is one that I think a lot about. So maybe 10% of my time. 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. I have to explain that I've become a little stodgy in my old age. So, the question is, Why haven't you? The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. MD The Medical College of Pennsylvania, 1980. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. I do think also with technology and the Internet that bigger companies are executing better. 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. This site is protected by reCAPTCHA and the Google And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. 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. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. Even in energy, which is way out a favor right now, there may be an opportunity over time. There are obviously trade-offs. 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. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. Danoff: That's a great question, Christine. 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. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Taffy Nivert. 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. But there's something to be said for not going to any meetings. This copy is for your personal, non-commercial use only. But you and your listeners--you're sophisticated investors. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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: 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. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. He served as portfolio assistant for the Magellan Fund. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. But that's just speculation. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). 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 I would say I probably see two or three private companies a week. 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. Wed like to share more about how we work and what drives our day-to-day business. 5 stars. 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. And when these companies do come around to Boston, they presumably have an agenda. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. It is not possible to invest in an index. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Will. Honestly, Jeff, you have to play to your strengths. Danoff: Yeah, Jeff this business is really competitive. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. 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. And as investors, we all need to play to our strengths and be who we are. 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. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. That has been a change over the last couple of years. And I'm seeing 25 or more companies a week. So I ran into at about 12:35, and there was an empty seat, and I sat down. Age, Biography and Wiki. How did the initiative in India go? 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. ! He is affiliated with Cedars - Sinai Medical Center. . Danoff manages Fidelity's Contrafund and has for over thirty years. For the best Barrons.com experience, please update to a modern browser. Will Danoff32 years [1] He is known for " Afternoon Delight ", which he wrote and performed as a member of the Starland Vocal Band, and for writing multiple hits for John Denver, including "Take Me Home, Country Roads". And I think that probably partly explains why I haven't been as active on social media. They hand off responsibility for security research and talking to management. 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. Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. 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. 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. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. S&P 500 Fidelity does not guarantee accuracy of results or suitability of information provided. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. But there's always controversy. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. Low interest rates have created certain distortions in valuation. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Among these three, only. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Jeff Ptak: Hi, and welcome to The Long View. William Danoff was born on 1960. Provide specific products and services to you, such as portfolio management or data aggregation. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Order: Nymphaeales. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! So, I'm trying to bet big with the bigger companies. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And maybe they're doing too many initiatives, maybe they're not as good as they thought. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. But this is what we do, and we try to do the best we can. . And then they want to talk to the largest shareholders, the potential largest shareholders. For me, it's the ability to make big bets it's harder. Family (1) Spouse 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. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. You think about if you were an employee at a company like that. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. 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. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. We've detected you are on Internet Explorer. Permanent link So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. 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. 9/17/1990-12/31/2022. It's really hard for me to get excited about it like you. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. What are they going to be doing? 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. I'm aware of my positions. 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. And that often is hard for managements that have done so well. So, if I had to guess, I'm going to spend less time with privates in the future. I feel really lucky to be here. It's like, oh my gosh, you know, XYZ is going to hurt this company. The doctor practices in an office or specialty that we currently do not survey. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. 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. You've always been different in your approach. 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. 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. This copy is for your personal, non-commercial use only. But I think I can do it. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. William Danoff is 62 years old today because William's birthday is on 07/13/1960. Do you attempt to improve what you're not good at? But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Read our editorial policy to learn more about our process. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. I'm working for the shareholders. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. How good is this management team?. Bill Danoff Family Background & Career. 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? And I've added value relative to the index. indexs 10.4%. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. So, I went, and I was really excited about the story. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. William Danoff was born on 1960. 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 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. Class: Magnoliopsida. It sounds like that's personality-driven--that you like to dive into those details yourself. But it's when you get a second king that you want to bet more. So, in your opinion, what do you think we got wrong? How did the growth initiative in China go? But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. 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. Our guest this week is Will Danoff. And so, one has to be very careful. 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