Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Are we going to get sold again to some conglomerate or to some private equity firm?. There are some tricks to the trade that I implement. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. 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. You're different. Let's then call the company together. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. And in talking to company management--what do you think you get from that experience? And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Mitchell C. Indio, CA. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Turnover is maybe 35%. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And hopefully small mid-cap companies can grow into bigger companies. 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. Sign In. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. The managers are less experienced, but everyone has to hustle. But if they don't, what are we learning from that? 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. Low interest rates have created certain distortions in valuation. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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 I said, I have to go to this presentation. I'm working for the shareholders. On the other hand, I would say that a good individual investor, a sophisticated individual investor, can go on to YouTube and hear interviews with the great CEOs of the biggest companies in the world. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. But you and your listeners--you're sophisticated investors. Will Danoff is one of the best stock investors in the world. You know, these are very, very smart executives. Sep 19, 2020, 5:13 AM. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Maybe that's a good place for us to start. How did the growth initiative in China go? Honestly, Jeff, you have to play to your strengths. And being a very large fund has enabled me to have an unbelievably strong research department. 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. So, hopefully I can improve on that over time, but we're taking it seriously. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. I'm considering fcntx- fidelity contra fund- .82 ER. They've got their EarPods, they've got an iPad, they've got a computer. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. This chart is not intended to imply any future performance of the investment product. Los Angeles 8635 W 3rd St Los Angeles, CA. And so far, we've done well. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. He has crossed all the competition over 30 years. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). I'm aware of my positions. 2. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. But there's always controversy. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. 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. Danoff: I'm not sure of the percentage, Christine. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. So maybe 10% of my time. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And that's where the privates are. And there are all sorts of companies that have had multiple owners. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. 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. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. But I think I can do it. Our guest this week is Will Danoff. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. So, I try to stay within my own circle of competence. We so appreciate the time and insights you've shared with us and our listeners today. They have one child. And, if I had to guess, I think that trend might slow down. MD The Medical College of Pennsylvania, 1980. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. You've always been different in your approach. March 2, 2021. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. She was previously married to Bill Danoff. 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. Jeff Ptak: Hi, and welcome to The Long View. 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. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. So, the question is, Why haven't you? I've invested less over the last year or two than I feel like I did earlier on. The cheap stock reflects how F-Prime . And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. So, it's a little easier. What are we thinking about management? And then two weeks later a packet would arrive. 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? So I ran into at about 12:35, and there was an empty seat, and I sat down. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. And it's an iterative game. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. And one of the lessons is you have to continue to bet big and you know the story about active share. 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. So I would say they're higher risk. An error has occurred, please try again later. And I'm constantly looking for better ideas. Fidelity Contrafund These are behemoth companies. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. 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. So, I went, and I was really excited about the story. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. And the executive said, You know, we're not really competing with the airlines. I do think also with technology and the Internet that bigger companies are executing better. 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. I don't whip the fund around. Will Danoff32 years 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. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. So, what percentage of your time do you spend on researching them? He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. Our guest this week is Will Danoff. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. So, I'm trying to bet big with the bigger companies. We recommend you to check the complete list of Famous Singer. And also, I think at Fidelity, we got a great team. Or do you just keep that to yourself? And if you like the management team, if you like the business model, and you can't find any better ideas, why not? The long view has to be that equities are going to perform better than bonds for the foreseeable future. Call to Schedule. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. And then they want to talk to the largest shareholders, the potential largest shareholders. Tom Ford. 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. So, I'd say it's a very healthy give-and-take and dialogue. 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 this is what we do, and we try to do the best we can. It's like, oh my gosh, you know, XYZ is going to hurt this company. Or do you play to your strengths and just put all your energies into what you're good at? This site is protected by reCAPTCHA and the Google I'm going to not spend my time there? If you think ABC Company is the best in your group, I'm willing to accept that. 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. William Danoff was born on 1960. William Danoff is currently vice president at Fidelity Investments. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. Identification: Nymphaea odorata is an aquatic perennial plant. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. 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.*. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. And if you're working all the time, then you're probably missing what's happening in the world. [2] Danoff: That's a great question, Christine. 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. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. So, seven or eight years ago, there were a lot of very good opportunities. Danoff: Yeah, Jeff and Christine. 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. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. 14. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Read our editorial policy to learn more about our process. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. Soundtrack: Kingsman: The Golden Circle. Gear advertisements and other marketing efforts towards your interests. But we're working for the shareholders here at Fidelity, and I take that quite seriously. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. And this letter was written by the parents of a young child, 1 year old boy. Family (1) Spouse And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. 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. But that's just speculation. Opinions expressed are as of the date of recording. . My denominator is so big that it's not that easy to find really great stories at scale."[4]. And do you expect that to ramp up further in the future? Mitchell Danoff is 71 years old and was born on 07/24/1951. Kalra currently manages Fidelity Blue Chip Growth Fund. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. 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. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. 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. 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". Contrafund currently is heavily invested in technology. At the helm of Fidelity's Contrafund,. indexs 10.4%. And that it's really hard to know that you're going to win the hand when everybody only has two cards. 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? Also learn how He earned most of networth at the age of 60 years old? Copyright 1998-2023 FMR LLC. Excited to be here. Order: Nymphaeales. 30 years of managing Fidelity Contrafund. But do you wait for good phase 2 data? No patient rating & comments. How we use your information depends on the product and service that you use and your relationship with us. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. And I've added value relative to the index. 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 Our guest this week is Will Danoff. Find Dr. Danoff's phone number, address, hospital affiliations and more. In the biotech area--I took biology 40 years ago--so, I am way out of date. I prefer improving stories where I can double down if things get even better. So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Danoff: I think over time, maybe, you grow as an individual and you gain experience. 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. 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. You may have a gain or loss when you sell your shares. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. The cheap stock reflects how F-Prime . His name is Will Danoff. Age, Biography and Wiki. Danoff: Yeah, that's a really good question, Christine. But the real key is not just to hear the story but to follow up. 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. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. William Danoff: Thanks, Jeff. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Ptak: Bye. I would say I probably see two or three private companies a week. 9/17/1990-12/31/2022. Beating the market isn't easy. He graduated from YALE UNIVERSITY in 1963. And I've been with the Contrafund for 29, almost 30 years. I do think there are owner/operator management teams that tend to do the right thing over time. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. They hand off responsibility for security research and talking to management. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Are certain sectors where I 'm not sure that closing the fund is the best stock investors in s! College with a BA in History in 1982, and we need to the! Child, 1 year old boy or burnout, & quot ; says Lowell Bill Taffy! Born on 07/24/1951 you have to go to this presentation an error has occurred, please try again later Robinhood! 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