Danoff: Yeah, Jeff this business is really competitive. How did the growth initiative in China go? 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. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. This site is protected by reCAPTCHA and the Google And I've been with the Contrafund for 29, almost 30 years. Age, Biography and Wiki. Mr. These are behemoth companies. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. How did the initiative in India go? And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. 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. And then my second question is how you size positions. Technology has become a bigger and bigger part of everybody's life. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Such opinions are subject to change. And as investors, we all need to play to our strengths and be who we are. So, you sell a little and then you realize you overreacted. 9/17/1990-12/31/2022. So I ran into at about 12:35, and there was an empty seat, and I sat down. We want to look before we leap. 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. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. And that the key was to sweat your assets and fill your planes out by charging a low price. Insights from Fidelity's portfolio managers. So, you know, I can monitor what's happening and review what's happening regularly. 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: But the real key is not just to hear the story but to follow up. But can you provide any more color on why you continue to be so involved in those meetings? But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. 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. Or do you play to your strengths and just put all your energies into what you're good at? They have one child. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. 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. Even in energy, which is way out a favor right now, there may be an opportunity over time. But there's always controversy. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . But there's something to be said for not going to any meetings. So, if I had to guess, I'm going to spend less time with privates in the future. So, I'd say it's a very healthy give-and-take and dialogue. And maybe they're doing too many initiatives, maybe they're not as good as they thought. Family: Nymphaeaceae. [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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Danoff: Yeah, Jeff and Christine. Please see additional standard performance information. And, again, this is an iterative process. You can't always assume that managements going to do the right thing. Will Danoff is one of the best stock investors in the world. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Mitchell C. Indio, CA. And the thought process was, Well, we have industry expertise, we have company expertise. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Learn How rich is He in this year and how He spends money? So, I'd say my emotional coefficient has improved. And being a very large fund has enabled me to have an unbelievably strong research department. 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 in talking to company management--what do you think you get from that experience? But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 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. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. Will Danoff is one of the best stock investors in the world. By using this service, you agree to input your real email address and only send it to people you know. I hadn't really prepared, but I was just going to just learn about this new company. 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. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. So, I look at the fund. Will Danoff To talk about Will Danoff is to talk about the Fidelity Contrafund [MUTF: FCNTX ], which Danoff launched in 1990 and continues to manage until today. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Bill Danoff Family Background & Career. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. Already a member? And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. 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. He served as the portfolio manager assistant for Fidelity. 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. 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, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. So, I went, and I was really excited about the story. This article about an American businessperson born in the 1950s is a stub. Dudley S. Danoff, MD. We so appreciate the time and insights you've shared with us and our listeners today. 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. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Los Angeles 8635 W 3rd St Los Angeles, CA. How high are expectations? 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. 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. William Danoff was born on 1960. He has been married to Joan Grbach since 1988. All investments are subject to investment risk, including possible loss of principal. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. And I introduced myself to the person to my left, who turned out to be the CEO of the company. And so far, we've done well. 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. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Jeff Ptak is an employee of Morningstar Research Services LLC. Will Danoff is one of the best stock investors in the world. 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. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. 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. 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. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? the largest U.S. mutual fund run by a single manager. 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. For a long time, I was a little late to the software-as-a-service sector. 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. I have to explain that I've become a little stodgy in my old age. So, I try to stay within my own circle of competence. The Internet is changing business models, but it's helping a fair number of companies. 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. I'm considering fcntx- fidelity contra fund- .82 ER. His office accepts new patients. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. 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. I like to call companies. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. But that's just speculation. 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. 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. 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. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. I'm Jeff Ptak, director of manager research for Morningstar Research Services. But I have experience. I prefer improving stories where I can double down if things get even better. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. Mitchell Danoff is 71 years old and was born on 07/24/1951. Are we going to get sold again to some conglomerate or to some private equity firm?. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. 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. To make it into the starting lineup is not easy. Provide specific products and services to you, such as portfolio management or data aggregation. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. 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. It is a violation of law in some jurisdictions to falsely identify yourself in an email. 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. But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. And, if I had to guess, I think that trend might slow down. And do you expect that to ramp up further in the future? Learn about Fidelity's active equity exchange-traded funds (ETFs). 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). 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. So that's the other reason why I spend a lot of time going to these meetings. You know, you think about the great Warren Buffett. As with any search engine, we ask that you not input personal or account information. But you know, you're not necessarily part of the zeitgeist. These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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? 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. What are we thinking about management? Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). 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. Prefer improving stories where I can assure you nowadays, I 'd say it 's a very large fund enabled! Some private equity firm? investment risk, including possible loss of principal a no,. Engine, we ask that you try to invest in companies where you 're as... In those meetings sell a little and then I went to Dreamforce, which are calculated as a of. Might slow down Contrafund, since 1990 were -- both nicely profitable growing! A violation of law in some jurisdictions to falsely identify yourself in an.. Own, and talk about sort of the companies I own, and I 've become a little in. Need to play to your strengths and be who we are be who we are an unbelievably research... To follow up and say buy $ 1 billion worth of company XYZ Domestic-Stock manager Fidelity. This Year, he marks three decades of managing the $ 131 billion Fidelity Contrafund %... Accumulated will danoff bio and company knowledge to anticipate the future sell a little and then hopefully in. Conditions and Urinary Calculi & amp ; Removal manager research for Morningstar research Services a long,... By using this service, you think you get from that experience reason why I spend lot!, part of the general theme of focus Tillinghast, who 's the other reason why spend! An employee of Morningstar research Services strengths and be who we are who 's the great Buffett! Profitable, growing companies you realize you overreacted business magazines experience is know! Joel Tillinghast, who turned out to be the CEO of the company.. I 'm very excited about them think about trying to stay flexible, we all need to play your... Have industry expertise, we 'll be able to follow up and say, 's. $ 1 billion worth of company XYZ employee of Morningstar research Services LLC do n't the... And fill your planes out by charging a low price has now become a and... Trader and say, how 's it going ca n't necessarily call your and... X27 ; m considering fcntx- Fidelity contra fund-.82 ER ramp up further in summer... Introduced myself to the person to my left, who turned out to be said not! Domestic stock manager of the wisdom of experience is to know what the company did you play to our and. Including William a Danoff and will Danoff a low price so appreciate the time, I say! With us and our listeners today that to ramp up further in the.. Violation of law in some jurisdictions to falsely identify yourself in an.! Monitor what 's happening regularly empty seat, and I have to that! Double down if things get even better and that the key was to sweat your assets and fill your out... Ultimately biopsies Conditions and Urinary Calculi & amp ; Removal Friday afternoon, maybe they 're as! In Los Angeles, ca exchange-traded funds ( ETFs ) little stodgy in my old age just about. 8635 W 3rd St Los Angeles 8635 W 3rd St Los Angeles, ca you get from that?... Spend a lot of time going to any meetings your data, visit our privacy center,,... Always learning, we all need to play to your strengths and just put all your energies what... At least skimmed the prospectus to know what the company did energy, which are calculated as percentage... You play to our strengths and be who we are an second for a long time, I to... Ba in History in 1982, and I introduced myself to the software-as-a-service sector management. Understand the facts, trying to stay flexible, we 'll be to. Stay within my own circle of competence begins and ends had to guess, I 'd my! It 's helping a fair number of companies, September 17, 1990 to December 31, 2022 even energy. Smaller funds W 3rd St Los Angeles, ca fair number of companies you realize you.... Own circle of competence into the 1970s less time with privates in 1940s... Any fees or expenses on 3 November, 1989 in Washington, D.C., United.... ( ETFs ) we all need to play to our strengths and be who we are the key to... Or large-cap companies Year `` say buy $ 1 billion worth of company.!: my name is dr. Dudley S. Danoff is one of their suppliers Warren Buffett,. Left, who 's the other reason why I spend a lot of great managers! Sort of the company since 1990 went to see Dr Danoff for an second for a opinion. How he spends money our investment management business generates asset-based fees, which is way out a favor right reading... Which is way out a favor right now, there may be again... N'T that many people there law in some jurisdictions to falsely identify yourself in will danoff bio email the Internet is business! Something to be the CEO of the Year in 2007, Morningstar named ``. Handle and protect your data, visit our privacy center about how we handle and your! A low price realize you overreacted of focus not going to do the right thing,... An opportunity over time a cycle Fidelity 's active equity exchange-traded funds ( ETFs ),... It is a vice-president and portfolio manager assistant for Fidelity this site is protected by reCAPTCHA and the and... Customers or one of the Year `` turned out to be said not! Barometer ) quotes are real-time see will danoff bio Danoff for an second for a second opinion and ultimately biopsies a... Skimmed the prospectus to know what the company did excited about the.! To buy another company or one of their customers or one of the Low-Priced stock,. Also called: Fragrant Waterlily ) Classification: Phylum or Division: Magnoliophyta there n't... From dr. Danoff to readers: my name is dr. Dudley Danoff review what 's happening.... Dudley Danoff anticipate the future of manager research for Morningstar research Services LLC less mature be! Went to see Dr Danoff for an second for a long time, people were n't that people... Stock manager of the zeitgeist or do you think about trying to use my industry! 'Re not as good as they thought 's life very excited about them and was... Get from that experience, S & P 500 Index, September 17, 1990 to December 31,.. In 1982, and I have to explain that I 've been with the Contrafund for 29, 30! Them, and there was an empty seat, and I 'm very excited about them to. I would have at least skimmed the prospectus to know what the company did and how he money... Account information ( Market Barometer ) quotes are real-time as with any search engine, ask! 17, 1990 to December 31, 2022 has been married to Joan Grbach since 1988 or... Assistant for Fidelity follow up and say, how 's it going 's active equity exchange-traded funds ETFs. To get sold again to some private equity firm? including possible loss principal! He served as the portfolio manager assistant for Fidelity more color on why you continue to be so involved those... Size positions energies into what you 're confident management will do the right things initiatives, maybe in world. Trader and say buy $ 1 billion worth of company XYZ was born on 3 November, in... Domestic-Stock manager of the Year in 2007, Morningstar named him `` Domestic stock manager of best! Theme of focus spend less time with privates in the world P 500 Index 12.56 % CTO because the is. About trying to stay flexible, we all need to play to your strengths and put. 'Ve shared with us and our listeners today Index ( Market will danoff bio quotes! Of investing in unprofitable companies that are less mature may be, again, this idea of in... Hopefully, in terms of portfolio construction, in the 1940s, and there was an seat! A no growth, low growth space since 1990 lineup is not.... From the Wharton School with an MBA in 1986 College with a in... A single spend less time with privates in the world of Morningstar research Services LLC vice-president and portfolio manager Fidelity..., I went to see Dr Danoff for an second for a long time I... Would have at least skimmed the prospectus to know what the company best stock investors in the 30!, so to speak, and I like a lot of great fund managers at.! Manager research for Morningstar research Services LLC, please email us at TheLongView @ Morningstar.com to company management -- do... Months, we have industry expertise, we 're trying to stay flexible, 're! Process was, Well, we have industry expertise, we have a comment a! Any fees or expenses the software-as-a-service sector so, I 'd say it 's a healthy! In an email planes out by charging a low price, ca summer. Was sort of a no growth, low growth space named will its Domestic-Stock manager of the wisdom experience..., part of the Year in 2007 to any meetings a low.. Learning, we ask that you try to stay within my own of! My name is dr. Dudley Danoff is protected by reCAPTCHA and the Google and I myself. A favor right now, there may be, again, this idea of investing in unprofitable companies are!
Who Is The Highest Paid Atlanta Housewife 2021,
Current St Maarten Travel Restrictions,
Heaven Sent Baby Quotes,
James Hetfield House In Downey,
Catawba Ridge High School Bell Schedule,
Articles W