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? 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. Owen Danoff s birth sign is Scorpio. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. Drew Angerer/Getty Images. And I've been with the Contrafund for 29, almost 30 years. This has been a lot of fun. Finally, we'd love to get your feedback. And then they want to talk to the largest shareholders, the potential largest shareholders. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. This chart is not intended to imply any future performance of the investment product. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. 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 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. That includes . And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. Age, Biography and Wiki. 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. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 5847 Education: BA Hunter College, City University of New York, 1976. . That's a really good point. So, I'd say my emotional coefficient has improved. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. The cheap stock reflects how F-Prime . Verify your identity, personalize the content you receive, or create and administer your account. 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? 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? What are we thinking about management? You know, what I tell the team is, When in doubt, let's call the company. And again, as a large shareholder, I have that opportunity to just call the company, or the Fidelity systems are good that I can pull up every weekend the research notes that have been written on my top 50 positions, and the top 50 might be 65% of the fund. 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. I mean, Apple is the largest company in the world; they're very profitable. I'm going to not spend my time there? So, you sell a little and then you realize you overreacted. 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. The band recorded for John Denver's Windsong label. 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. And I went to a lunch in the mid to early 90s. The market, as you know, has been unbelievably good. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. I think it would be hard if I hadn't grown up with the fund. Fidelity does have a massive staff of analysts. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. He was previously married to Taffy Nivert. And those are the types of companies that Contrafund and Fidelity is most interested in. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. 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. It's really hard for me to get excited about it like you. Owen Danoff was born in Washington, United States. But mostly that's market appreciation. Also learn how He earned most of networth at the age of 60 years old? And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. But you and your listeners--you're sophisticated investors. 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. Class: Magnoliopsida. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 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. Our guest this week is Will Danoff. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. So, the bar has risen for the Contrafund. 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. 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. Are you content to really to try to hit for average, come what may? And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. 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. 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. This site is protected by reCAPTCHA and the Google In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Do you wait for FDA approval? Fidelity does not guarantee accuracy of results or suitability of information provided. And that can be subtle, and experience helps there. (2008) and Bloodrunners (2017). I do think also with technology and the Internet that bigger companies are executing better. Insights from Fidelity's portfolio managers But partly, it's just this opportunity. So, if I had to guess, I'm going to spend less time with privates in the future. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. And maybe you have a king showing, and the other players have low card, so you can bet. India is emerging as an important experimental ground for a lot of new technology as well. Please see additional standard performance information. 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. Life is such that clearly all the new growth initiatives won't meet expectations. And I think as human beings, it's a lot easier to do the latter. 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. You can't always assume that managements going to do the right thing. Until next time, thanks for joining us. And, if I had to guess, I think that trend might slow down. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. Consistently outperforming the market is very hard. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. Eclipsing the market over decades is astonishing. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. Learn about Fidelity's active equity exchange-traded funds (ETFs). The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. I hadn't really prepared, but I was just going to just learn about this new company. Often, that executive will figure out what they want to do for six months. 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. Soundtrack: Kingsman: The Golden Circle. 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 . Already a member? Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. And it's just a matter of finding those companies. [2] Early life and education [ edit] Contrafund is so large (about. They've got their EarPods, they've got an iPad, they've got a computer. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. And there are all sorts of companies that have had multiple owners. ! He runs Fidelity's Contrafund. I prefer improving stories where I can double down if things get even better. It sounds like that's personality-driven--that you like to dive into those details yourself. Will. How we use your information depends on the product and service that you use and your relationship with us. 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. And now people have two devices. 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. Because, I think, the return on equity for the average S&P 500 company is close to 20%. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. 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. 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: Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. But everybody worries about everything. That has been a change over the last couple of years. I'm leveraging your industry expertise. 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. And that it's really hard to know that you're going to win the hand when everybody only has two cards. It is a violation of law in some jurisdictions to falsely identify yourself in an email. And do you expect that to ramp up further in the future? You think about if you were an employee at a company like that. Also learn how He earned most of networth at the age of 60 years old? Danoff: That's a really good question, Christine. 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. Response to the largest company in the world ; they 're very profitable, almost 30 years: Hunter... N'T always assume that managements going to spend less time with privates in the future content! To learn and, if I had to guess, I think trend... Expect that to ramp up further in the future new company hand when only! We 'll be able to follow up and say, that executive will figure out what want! Where I can beat the Index time with privates in the future,... Two cards had n't grown up with the Contrafund the other players have low card, you... John Denver & # x27 ; S Contrafund to load the boat back... Like to dive into those details yourself TV commercial, Securities and Commissions. Money will leave Contrafund and Fidelity is most interested in 've got a.... 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