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. One thing that's changed in the last couple of decades is the emergence of private equity. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. 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. 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 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. 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, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . 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. And we talked about the long view. 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. 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. 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. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. And that can be subtle, and experience helps there. 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. Thanks for the help! 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. India is emerging as an important experimental ground for a lot of new technology as well. There are always reasons to worry. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And this letter was written by the parents of a young child, 1 year old boy. Among these three, only. But if they don't, what are we learning from that? And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. 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. And do you expect that to ramp up further in the future? The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. So, I'm trying to bet big with the bigger companies. 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. And, if I had to guess, I think that trend might slow down. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. 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 the name of this show is The Long View. She was previously married to Bill Danoff. Provide specific products and services to you, such as portfolio management or data aggregation. I would say I probably see two or three private companies a week. 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. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. 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. 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. And if you're working all the time, then you're probably missing what's happening in the world. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Also learn how He earned most of networth at the age of 31 years old? I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. 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. [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". So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? 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. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. And again, experience plays a role here. 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. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! And I've added value relative to the index. Learn How rich is He in this year and how He spends money? So that's the other reason why I spend a lot of time going to these meetings. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. And it's just a matter of finding those companies. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. 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. Permanent link What are you doing to grow your company's earnings per share? My denominator is so big that it's not that easy to find really great stories at scale."[4]. But there's something to be said for not going to any meetings. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. Over the past year through February 11, Contra returned 27.6%,. Low interest rates have created certain distortions in valuation. He's a graduate of Harvard University and. Genus: Nymphaea. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. 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. I'm going to not spend my time there? 2. So, you know, I do have a lot in technology. Copyright 2023 Morningstar, Inc. All rights reserved. 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. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. 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. 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. Danoff: That's a great question, Christine. Owen Danoff s birth sign is Scorpio. 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. The long view has to be that equities are going to perform better than bonds for the foreseeable future. Will. I feel really lucky to be here. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. For me, it's the ability to make big bets it's harder. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. 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? William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Maybe it's growing faster than people think. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. 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. And as investors, we all need to play to our strengths and be who we are. Thanks for joining us on The Long View. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. As with any search engine, we ask that you not input personal or account information. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 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. It is not possible to invest in an index. But do you wait for good phase 2 data? Danoff: Yeah, no, it's a combination, Jeff. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. William Danoff was born on 1960. Popular As. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. And I hope everybody has a great year. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. 27.6 %,, Age, Height, Physical Stats, Dating/Affairs, Family career. 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