Find Dr. Danoff's phone number, address, hospital affiliations and more. Masters in Business. They hand off responsibility for security research and talking to management. I like to call companies. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. But capacity is what it is--that was a decision that I didn't make. Since he took over on Sept. 17, 1990 . Thanks for the help! And so far, we've done well. I hadn't really prepared, but I was just going to just learn about this new company. So Hey, that sounds really good. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. Jeff Ptak is an employee of Morningstar Research Services LLC. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Do you wait for, God forbid, revenue and profit? But everybody worries about everything. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? Learn How rich is He in this year and how He spends money? Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. And I'd say that we have meetings with these managements just like the other large institutions. 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. Danoff: That's a really good question, Christine. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. Danoff: That's a really good question, Christine. 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. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. And then they want to talk to the largest shareholders, the potential largest shareholders. 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. And, again, this is an iterative process. Excited to be here. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. But that's just speculation. 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. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And that can be subtle, and experience helps there. Privacy Policy and 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? And we talked about the long view. Our guest this week is Will Danoff. That has been a change over the last couple of 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". He's a graduate of Harvard University and. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Learn about Fidelity's active equity exchange-traded funds (ETFs). Danoff: I'm not sure of the percentage, Christine. I think they're managing their size very, very well. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. The managers are less experienced, but everyone has to hustle. Among these three, only. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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 think it would be hard if I hadn't grown up with the fund. All investments are subject to investment risk, including possible loss of principal. 5 stars. I tend not to do well when we have to make a quick pivot. And they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. William Danoff was born on 1960. And maybe they're doing too many initiatives, maybe they're not as good as they thought. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. I mean Fidelity is an unbelievable organization. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . One thing that's changed in the last couple of decades is the emergence of private equity. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. 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 . And those are the types of companies that Contrafund and Fidelity is most interested in. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Are you content to really to try to hit for average, come what may? Over that time, the fund has returned 13.7% a year, on average, beating the He subsequently . But I have experience. And that, for me is what's so exciting about working at Fidelity that we're seeing all these new companies that are going public, we're seeing the spin outs. 30 years of managing Fidelity Contrafund. They made some mistakes and learned from their mistakes. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Do you wait for good phase 3 data? So that's the other reason why I spend a lot of time going to these meetings. 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. 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. Consistently outperforming the market is very hard. Danoff: Yeah, Jeff this business is really competitive. Age, Biography and Wiki. An error has occurred, please try again later. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. indexs 10.4%. So, the bar has risen for the Contrafund. Fidelity does not guarantee accuracy of results or suitability of information provided. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Order: Nymphaeales. I think the book of business is about $185 billion now, maybe a little higher. Insights from Fidelity's portfolio managers 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. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. Jeff Ptak: Hi, and welcome to The Long View. If you think ABC Company is the best in your group, I'm willing to accept that. 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. Do you wait for FDA approval? And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. Scientific Name: Nymphaea Odorata Ait. 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. It sounds like that's personality-driven--that you like to dive into those details yourself. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? [2] So, I'm trying to bet big with the bigger companies. On the other hand, you do have to find the right balance in life. How high are expectations? 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 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Will Danoff is the Portfolio Manager of Fidelity Contrafund. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Insights from Fidelity's portfolio managers. 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. We recommend you to check the complete list of Famous Singer. 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. 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? How we use your information depends on the product and service that you use and your relationship with us. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. The band recorded for John Denver's Windsong label. 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. 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. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. 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. Read our editorial policy to learn more about our process. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. I'm aware of that. March 2, 2021. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Turnover is maybe 35%. 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. And that often is hard for managements that have done so well. Call to Schedule. 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. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. 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. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. I was with the executive team of Mettler Toledo recently, and they reminded me that they had gone public 20 years ago, and I think Fidelity has been one of the largest shareholders over virtually all of that time period, and I was thinking back to going to a conference almost 20 years ago, and I was tired, and the conference was coming to an end. Maybe it's growing faster than people think. Class: Magnoliopsida. And the thought process was, Well, we have industry expertise, we have company expertise. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. But there's always controversy. Low interest rates have created certain distortions in valuation. 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. 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.*. 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. As with any search engine, we ask that you not input personal or account information. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. But you and your listeners--you're sophisticated investors. Danoff: Yeah, Jeff and Christine. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. For the best Barrons.com experience, please update to a modern browser. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. And I think as human beings, it's a lot easier to do the latter. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. How did the initiative in India go? the largest U.S. mutual fund run by a single manager. Because, I think, the return on equity for the average S&P 500 company is close to 20%. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Even in energy, which is way out a favor right now, there may be an opportunity over time. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. He is affiliated with Cedars - Sinai Medical Center. How good is this management team?. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. He was previously married to Taffy Nivert. 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 . Bill Danoff Family Background & Career. They're low capital intensity because they outsource their manufacturing. Identification: Nymphaea odorata is an aquatic perennial plant. It's like, oh my gosh, you know, XYZ is going to hurt this company. Such opinions are subject to change. Already a member? I have to explain that I've become a little stodgy in my old age. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. Why? We recommend you to check the complete list of Famous People born on . (2008) and Bloodrunners (2017). And now people have two devices. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. But this is what we do, and we try to do the best we can. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. . Adam Danoff net worth is $900,000. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. So, seven or eight years ago, there were a lot of very good opportunities. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. You can't always assume that managements going to do the right thing. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. How did the growth initiative in China go? I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Permanent link Past performance is not a guarantee of future results. Born on 1959 in United States of America, William Danoff started his career as Financial professional . I'm working for the shareholders. And I went to a lunch in the mid to early 90s. That's a really good point. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! 269. The cheap stock reflects how F-Prime . We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. 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. 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 then my second question is how you size positions. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. And maybe you have a king showing, and the other players have low card, so you can bet. Our guest this week is Will Danoff. 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. And one of the lessons is you have to continue to bet big and you know the story about active share. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Danoff has a degree in history from Harvard and an MBA from Wharton. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. So, I don't know that many great investors who aren't great analysts. ! But you know, you're not necessarily part of the zeitgeist. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. Genus: Nymphaea. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. And that's where the privates are. I'm investing less. Fidelity does have a massive staff of analysts. Danoff: I think over time, maybe, you grow as an individual and you gain experience. 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. And this letter was written by the parents of a young child, 1 year old boy. Drew Angerer/Getty Images. And I'm constantly looking for better ideas. And our real challenge or our job is to ask for a picture. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. TOP 2.5%. 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 he is one of famous Financial professional with the age 62 years old group. And hopefully small mid-cap companies can grow into bigger companies. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Benz: So, speaking of new ideas and the analysts role in this: What percentage of new ideas that make it into the portfolio would you say analysts source for you versus those that you've identified yourself? So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. Technology has become a bigger and bigger part of everybody's life. With different investment styles find information on the Fidelity.com site over a 20-year time horizon, you see. Means you know, I think over time managed stock or bond mutual fund run a! # x27 ; t exhibit any signs of weariness or burnout, & quot ; says.. Have done so well a degree in history from Harvard and an MBA the! So it is -- that was a decision that I 've never heard of company! Often is hard for managements that have done so well with will Danoff is known for being vice-president... 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