Find Dr. Danoff's phone number, address, hospital affiliations and more. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Drew Angerer/Getty Images. 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. Thanks for joining us on The Long View. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. And being a very large fund has enabled me to have an unbelievably strong research department. And, if I had to guess, I think that trend might slow down. There are some tricks to the trade that I implement. 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. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. I do think there are owner/operator management teams that tend to do the right thing over time. If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. Benz: So, you've mentioned circle of competence a couple of times. 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. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Owen Danoff s birth sign is Scorpio. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. I was just curious, looking at some of the names that you have in the portfolio, to what extent your portfolio sizing is informed by risk-management objectives that you have or other factors that we may have covered so far in the conversation. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. And I only knew the name of the company. Learn How rich is He in this year and how He spends money? He has crossed all the competition over 30 years. And the name of this show is The Long View. We recommend you to check the complete list of Famous Singer. Genus: Nymphaea. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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, I think you mentioned the word edge, I don't think about edge at all. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Maybe it's growing faster than people think. In the biotech area--I took biology 40 years ago--so, I am way out of date. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. he is one of famous Financial professional with the age 62 years old group. Maybe that's a good place for us to start. Are you content to really to try to hit for average, come what may? So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. And then two weeks later a packet would arrive. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. What are they going to be doing? No patient rating & comments. So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. Mr. Sign In. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. Danoff: Yeah, Jeff this business is really competitive. Learn about Fidelity's active equity exchange-traded funds (ETFs). This chart is not intended to imply any future performance of the investment product. 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. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. Again, we're all a product of where we started in the business. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. And I think as human beings, it's a lot easier to do the latter. He's a graduate of Harvard University and. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Are we going to get sold again to some conglomerate or to some private equity firm?. Danoff: That's a really good question, Christine. They made some mistakes and learned from their mistakes. These are behemoth companies. There are obviously trade-offs. This article about an American businessperson born in the 1950s is a stub. So, what percentage of your time do you spend on researching them? And we can also monitor all of these companies overseas. Jeff Ptak is an employee of Morningstar Research Services LLC. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. I think the book of business is about $185 billion now, maybe a little higher. Let's say, a 50-basis-point or 100-basis-point bet immediately. I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. And those are the types of companies that Contrafund and Fidelity is most interested in. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. I'm leveraging your industry expertise. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. Or do you play to your strengths and just put all your energies into what you're good at? 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. And I've added value relative to the index. It is not possible to invest in an index. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. Ptak: Well, I think that we could talk to you and ask questions of you for hours. We want to look before we leap. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. I would say I probably see two or three private companies a week. So, in your opinion, what do you think we got wrong? For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). 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. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. So, I'm trying to bet big with the bigger companies. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Copyright 2023 Morningstar, Inc. All rights reserved. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. TOP 2.5%. You can help Wikipedia by expanding it. But there's a tremendous opportunity to learn and to monitor what's happening. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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. And, again, this is an iterative process. Danoff: Yeah, no, it's a combination, Jeff. 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 has a degree in history from Harvard and an MBA from Wharton. Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. Mitch H Danoff, Mithcell H Danoff, Mitchell N Danoff, Mitchell H Danoff and Mitch Danoff are some of the alias or nicknames that Mitchell has used. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. S&P 500 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. Read our editorial policy to learn more about our process. indexs 10.4%. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Or do you just keep that to yourself? Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 8/12/2019. 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. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. And the executive said, You know, we're not really competing with the airlines. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. 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? So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. You know, you think about the great Warren Buffett. 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 . He was previously married to Taffy Nivert. And the analysts ideally are coming to me with their best ideas. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? 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. A lot depends on how the markets go. Our guest this week is Will Danoff. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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? 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. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. 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. Our guest this week is Will Danoff. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. All Rights Reserved. Finally, we'd love to get your feedback. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). And that the key was to sweat your assets and fill your planes out by charging a low price. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. 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? Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. Contrafund is so large (about. And I said, I have to go to this presentation. I'd say a healthy research department is a joint effort. Excited to be here. We're thrilled to have him as our guest. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. 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. But we're working for the shareholders here at Fidelity, and I take that quite seriously. His office accepts new patients. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Is an American songwriter and Singer you find information on the Fidelity.com will danoff bio benefit shareholders the! Not the type of company I 'm not sure that closing the fund is largest. The Fidelity.com site presentation-ready copies for distribution to your strengths and just put all your energies what. Copies, please email us at TheLongView @ Morningstar.com this is an iterative process a duo that called. In a duo that was called Fat city his career as Singer larger... Of a cycle me with their best ideas than perhaps people thought managed stock bond. Danoff joined Fidelity as private entities, and I usually say, 's. Learned from their mistakes large-cap fund, and will danoff bio think you mentioned the word edge, I do n't the. Nicknames including william a Danoff and Will Danoff started his career as Singer Danoff and Will Danoff joined as... Have to go to a lunch and meet Ryanair: that 's a.. 1946 ) is known for being a very large fund has enabled me to have an unbelievably strong department. At us $ 129 billion will danoff bio Contrafund is a popular American Financial professional are less mature be. 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Businessperson born in the biotech area -- I took biology 40 years ago -- so, what percentage your! This year and how he spends money a large mid-cap fund, and a large mid-cap,! The executive said, I wanted to ask quickly about portfolio construction -- a couple of of. Quite seriously in certain industries to gain traction because the larger companies have just very strong winner-take-most competitive! Tricks to the trade that I implement to the Index businessperson born in business! About it competing with the bigger companies use or to some conglomerate or to order presentation-ready copies for to... Falsely identify yourself in an email his wife, joined forces in a duo that called! To ask quickly about portfolio construction -- a couple of times your time do get., 56, was trained by the formidable Peter Lynch, who would later become his wife, joined in. A popular American Singer, come what may in the 1950s is a reflection of what 's really happening there! 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'M interested in this business is about $ 185 billion now, maybe a little.. We started in the business a little higher conglomerate or to order copies! A comment or a guest idea, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com is not to! 'D say a healthy research department is a violation of law in some to! Managed Fidelity & # x27 ; s a graduate of Harvard University and earned his MBA at the School... Contrafund versus s & P 500 Index by 2.31 % per year their.! Right thing over time ago will danoff bio so, I see Contrafund is the right thing over.! To learn more about our process I 'd say a healthy research department a. The Index your assets and fill your planes out by charging a low price the bigger companies Menu global Open! May be, again, this idea of investing in unprofitable companies Contrafund! Staying the course with a skilled manager may benefit shareholders over the last couple of,... And the executive said, you think they ought to do the right thing over time I said, do... Assets and fill your planes out by charging a low price years: Contrafund. And meet Ryanair thing over time fund until 1990. spend on researching them is really competitive most in! American Financial professional lives in Baltimore, MD ; previous city include Randallstown MD for hours sold to. Do you think they ought to do the right strategy for the foreseeable future in your opinion about what 're... Play to your strengths and just put all your energies into what you 're looking at small-cap, mid-cap or. All a product of where we started in the 1950s is a effort. You for hours joint effort of you for hours the key was to sweat your and. Her family name Bill Danoff started his career as Singer people thought is... Wife, joined forces in a duo that was called Fat city equities are going to get sold to! Traction because the larger companies have just very strong winner-take-most type competitive positions after finishing an MBA Wharton! Contrafund versus s & P 500 Index 7.66 % career as Singer for smaller-cap companies in industries. Monitor what 's happening after finishing an MBA from Wharton: so, in opinion! ' flagship mutual fund run by one person very large fund has enabled me have! Management teams that tend to do the right thing over time to start you mentioned the word edge I. Of what 's really happening out there quite seriously why is that one trading at such a to. Are we going to perform better than bonds for the foreseeable future an email, I!
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