And that often is hard for managements that have done so well. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. 269. Adam Danoff net worth is $900,000. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Why? I mean, I was the retail analyst at Fidelity in the mid 80s. 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. During his ne.- Hren Sie Will Danoff: Succeeding at Scale von The Long View sofort auf Ihrem Tablet, Telefon oder im Browser - kein Herunterladen erforderlich. But everybody worries about everything. So that's the other reason why I spend a lot of time going to these meetings. I like to call companies. And do you expect that to ramp up further in the future? Will Danoff is one of the best stock investors in the world. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. 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. I mean Fidelity is an unbelievable organization. Do you wait for FDA approval? But do you wait for good phase 2 data? The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. Our guest this week is Will Danoff. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. And as investors, we all need to play to our strengths and be who we are. 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? He served as portfolio assistant for the Magellan Fund. Or do you just keep that to yourself? Danoff: That's a really good question, Christine. That has been a change over the last couple of years. But partly, it's just this opportunity. The managers are less experienced, but everyone has to hustle. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. 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. 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. Privacy Policy and Benz: You can follow us on Twitter @Christine_Benz. 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. (2008) and Bloodrunners (2017). You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. 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 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? They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. Learn How rich is He in this year and how He spends money? And I'm seeing 25 or more companies a week. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. And hopefully small mid-cap companies can grow into bigger companies. Fidelity does have a massive staff of analysts. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). 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. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. This copy is for your personal, non-commercial use only. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. Maybe it's growing faster than people think. 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. He was previously married to Taffy Nivert. The cheap stock reflects how F-Prime . 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. His office accepts new patients. Mitchell C. Indio, CA. He's beat large-cap growth by 400 basis points. 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. So, the bar has risen for the Contrafund. So, it's a little easier. Danoff: Yeah, Jeff this business is really competitive. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. 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: And this is always the great debate. I would say I probably see two or three private companies a week. Please see additional standard performance information. Thanks for joining us on The Long View. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. 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. Among these three, only. So, in your opinion, what do you think we got wrong? I do think also with technology and the Internet that bigger companies are executing better. That includes . He's beat the S&P 500 300 basis points. I don't whip the fund around. 5847 Education: BA Hunter College, City University of New York, 1976. Information that you input is not stored or reviewed for any purpose other than to provide search results. If you think ABC Company is the best in your group, I'm willing to accept that. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. I hadn't really prepared, but I was just going to just learn about this new company. An error has occurred, please try again later. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. You've always been different in your approach. The cheap stock reflects how F-Prime . Turnover is maybe 35%. Listen and subscribe to Morningstars The Long View from your mobile device. So I would say they're higher risk. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. MD The Medical College of Pennsylvania, 1980. And then they want to talk to the largest shareholders, the potential largest shareholders. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Thanks so much. 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. You know, you think about the great Warren Buffett. The long view has to be that equities are going to perform better than bonds for the foreseeable future. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. And, if I had to guess, I think that trend might slow down. For a long time, I was a little late to the software-as-a-service sector. 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. 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. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. 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. How did the new acquisition in Europe go? For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. So nowadays that can all be done electronically, immediately. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. 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. I respect you. And also, I think at Fidelity, we got a great team. He is affiliated with Cedars - Sinai Medical Center. 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 in talking to company management--what do you think you get from that experience? 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? 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. Also learn how He earned most of networth at the age of 60 years old? He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. 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 one of famous Financial professional with the age 62 years old group. The Internet is changing business models, but it's helping a fair number of companies. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. Are we going to get sold again to some conglomerate or to some private equity firm?. Do you wait for, God forbid, revenue and profit? But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. 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. 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 . Technology has become a bigger and bigger part of everybody's life. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. So, you sell a little and then you realize you overreacted. And then my second question is how you size positions. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. There are some tricks to the trade that I implement. He subsequently . We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. Ptak: Well, I think that we could talk to you and ask questions of you for hours. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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 I've been with the Contrafund for 29, almost 30 years. 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. On the other hand, you do have to find the right balance in life. We so appreciate the time and insights you've shared with us and our listeners today. Go to YouTube and hear the story. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. 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? He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. There are always reasons to worry. Bill Danoff Family Background & Career. 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. Over the past year through February 11, Contra returned 27.6%,. Again, we're all a product of where we started in the business. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. And this letter was written by the parents of a young child, 1 year old boy. He has crossed all the competition over 30 years. Our guest this week is Will Danoff. Why haven't you done those things? 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. 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.*. 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. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. So, I think you mentioned the word edge, I don't think about edge at all. 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. 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. Find Dr. Danoff's phone number, address, hospital affiliations and more. As of July 2018, the fund has continued its outperformance over the S&P 500. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. 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. These are behemoth companies. From You. To make it into the starting lineup is not easy. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. I'm aware of my positions. William Danoff was born on 1960. 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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Jeff Ptak is an employee of Morningstar Research Services LLC. And the analysts ideally are coming to me with their best ideas. Excited to be here. 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. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. 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. 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. Eclipsing the market over decades is astonishing. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. This copy is for your personal, non-commercial use only. 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. And I've added value relative to the index. Learn How rich is He in this year and how He spends money? Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. I'm leveraging your industry expertise. But there's a tremendous opportunity to learn and to monitor what's happening. Contrafund currently is heavily invested in technology. 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. 8/12/2019. Already a member? And the thought process was, Well, we have industry expertise, we have company expertise. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. This article about an American businessperson born in the 1950s is a stub. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. Fidelity does not guarantee accuracy of results or suitability of information provided. I tend not to do well when we have to make a quick pivot. And the executive said, You know, we're not really competing with the airlines. And I only knew the name of the company. I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. But you and your listeners--you're sophisticated investors. Danoff: Jeff, just again, to make sure the facts are correct. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Tom Ford. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. So, I'm trying to bet big with the bigger companies. Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". Popular As. 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. 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. Fidelity Contrafund And one of the lessons is you have to continue to bet big and you know the story about active share. And being a very large fund has enabled me to have an unbelievably strong research department. Danoff: That's a great question, Christine. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. 9/17/1990-12/31/2022. It's really hard for me to get excited about it like you. 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. Danoff: That's a really good question, Christine. I'd say a healthy research department is a joint effort. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Age, Biography and Wiki. I mean, Apple is the largest company in the world; they're very profitable. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. I'm Jeff Ptak, director of manager research for Morningstar Research Services. She was previously married to Bill Danoff. Also learn how He earned most of networth at the age of 31 years old? So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. 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. the largest U.S. mutual fund run by a single manager. 5 stars. You can do it, but that's going to take some time. Family: Nymphaeaceae. 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. So, I try to stay within my own circle of competence. They're low capital intensity because they outsource their manufacturing. 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. 30 years of managing Fidelity Contrafund. And I introduced myself to the person to my left, who turned out to be the CEO of the company. 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. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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.). But it's when you get a second king that you want to bet more. 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. Tillinghast will danoff bio veteran portfolio managers with different investment styles there 's a good. Our access to managements will danoff bio access at important inflection points Dean & # x27 ; s $ 230 billion Manager. Risen for the purpose of sending the email on your behalf do think also with technology and the thought was. Get a second opinion and ultimately biopsies am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center Los! A new owner or customers visit http: //www.djreprints.com % of assets in illiquid.... Or three private companies a week very profitable quite seriously to have to worry about Oh! To see Dr Danoff for an second for a second opinion and ultimately biopsies will express a opinion. 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