You may have a gain or loss when you sell your shares. We recommend you to check the complete list of Famous People born on . 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. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. 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?. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. William Danoff is currently vice president at Fidelity Investments. The older mind is not as nimble as the younger mind. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Thanks so much. And I'm seeing 25 or more companies a week. But Fidelity gives us this great platform because we're one of the largest institutional investors. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. Tom Ford. So maybe 10% of my time. 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. 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. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. And as investors, we all need to play to our strengths and be who we are. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. And I think as human beings, it's a lot easier to do the latter. So, in your opinion, what do you think we got wrong? 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Insights from Fidelity's portfolio managers Bill Danoff Family Background & Career. India is emerging as an important experimental ground for a lot of new technology as well. So that's the other reason why I spend a lot of time going to these meetings. Benz: So, you've mentioned circle of competence a couple of times. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. It is not possible to invest in an index. As of July 2018, the fund has continued its outperformance over the S&P 500. This copy is for your personal, non-commercial use only. The market, as you know, has been unbelievably good. 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. Learn How rich is He in this year and how He spends money? Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. March 2, 2021. Life is such that clearly all the new growth initiatives won't meet expectations. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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. Important legal information about the email you will be sending. Age, Biography and Wiki. 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. Privacy Policy and Taffy Nivert. Excited to be here. Also learn how He earned most of networth at the age of 60 years old? He served as portfolio assistant for the Magellan Fund. There are obviously trade-offs. 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. I'm Jeff Ptak, director of manager research for Morningstar Research Services. 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. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. 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. Popular As. William Danoff was born on 1960. 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. 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. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Dudley S. Danoff, MD. Call to Schedule. Such opinions are subject to change. 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). 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. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. 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. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Learn How rich is He in this year and how He spends money? Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. Maybe that's a good place for us to start. You can't always assume that managements going to do the right thing. 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. Kalra currently manages Fidelity Blue Chip Growth Fund. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. He has been married to Joan Grbach since 1988. 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. 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. Danoff: Yeah, that's a really good question, Christine. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. 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. Technology has become a bigger and bigger part of everybody's life. And this is always the great debate. Danoff: Yeah, Jeff this business is really competitive. 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? Past performance is not a guarantee of future results. 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. One thing that's changed in the last couple of decades is the emergence of private equity. Benz: We were hoping you could touch briefly on the role of private firms in the portfolio, perhaps talk about what percentage of time you spend researching private firms--you reference them earlier in the conversation, that theyre maybe a bigger part of your thought process than they were years ago. It's really hard for me to get excited about it like you. But do you wait for good phase 2 data? 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. Sign In. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Danoff manages Fidelity's Contrafund and has for over thirty years. Danoff: I think over time, maybe, you grow as an individual and you gain experience. And we talked about the long view. 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. How did the initiative in India go? But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. And the name of this show is The Long View. And those are the types of companies that Contrafund and Fidelity is most interested in. I'm leveraging your industry expertise. 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. Drew Angerer/Getty Images. Fidelity Contrafund I'm investing less. 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 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, 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. S&P 500 Danoff: I'm not sure of the percentage, Christine. Los Angeles 8635 W 3rd St Los Angeles, CA. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. And hopefully small mid-cap companies can grow into bigger companies. Gear advertisements and other marketing efforts towards your interests. Family: Nymphaeaceae. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. By using this service, you agree to input your real email address and only send it to people you know. He runs Fidelity's Contrafund. Masters in Business. Learn about Fidelity's active equity exchange-traded funds (ETFs). 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. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. 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. 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. Wed like to share more about how we work and what drives our day-to-day business. But I have experience. But it's when you get a second king that you want to bet more. Why? Scientific Name: Nymphaea Odorata Ait. 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. That includes . He's beat the S&P 500 300 basis points. So I ran into at about 12:35, and there was an empty seat, and I sat down. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. 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? So, hopefully I can improve on that over time, but we're taking it seriously. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. There are large-cap companies that are in a growth mindset that, even though they're large, can continue to generate a lot of shareholder value. 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. What are we thinking about management? Age, Biography and Wiki. 2. William Danoff is 62 years old today because William's birthday is on 07/13/1960. So, I'd say my emotional coefficient has improved. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. He's a graduate of Harvard University and. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. And again, I referenced low interest rates. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? 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. 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. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. And, you know, I would say this business is sort of like a poker game. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. We so appreciate the time and insights you've shared with us and our listeners today. I hadn't really prepared, but I was just going to just learn about this new company. For a long time, I was a little late to the software-as-a-service sector. These products and services are usually sold through license agreements or subscriptions. 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. And so far, we've done well. And the executive said, You know, we're not really competing with the airlines. 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. These are behemoth companies. 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. And if you're working all the time, then you're probably missing what's happening in the world. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. You can do it, but that's going to take some time. And the thought process was, Well, we have industry expertise, we have company expertise. And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. I tend to try to empathize with the executives that we're working with and try to think about what they're thinking about and maybe ask good questions. Already a member? Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. This would be through my 401k, so all tax deferred. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. 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 . Among these three, only. Jeff Ptak is an employee of Morningstar Research Services LLC. Until next time, thanks for joining us. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Beating the market isn't easy. And our real challenge or our job is to ask for a picture. And I've added value relative to the index. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. 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. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. But you and your listeners--you're sophisticated investors. Are you content to really to try to hit for average, come what may? I have to explain that I've become a little stodgy in my old age. And I said, I have to go to this presentation. And I hope everybody has a great year. 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. Class: Magnoliopsida. I'm aware of my positions. Danoff: That's a really good question, Christine. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And we can also monitor all of these companies overseas. 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. 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. 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. he is one of famous Singer with the age 75 years old group. 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. So, I'm trying to bet big with the bigger companies. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. ! I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. I respect you. I mean, I was the retail analyst at Fidelity in the mid 80s. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. He served as the portfolio manager assistant for Fidelity. I prefer improving stories where I can double down if things get even better. But if they don't, what are we learning from that? And that's where the privates are. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to beat the S&P 500 by an average of more than 3 . But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. How good is this management team?. And that can be subtle, and experience helps there. Since he took over on Sept. 17, 1990 . I feel really lucky to be here. And I think Fidelity lets people be who they are. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. And there are all sorts of companies that have had multiple owners. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. And now people have two devices. 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. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. 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. Sep 19, 2020, 5:13 AM. Terms of Service apply. I tend not to do well when we have to make a quick pivot. Find Dr. Danoff's phone number, address, hospital affiliations and more. For the best Barrons.com experience, please update to a modern browser. But the real key is not just to hear the story but to follow up. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. I do think there are owner/operator management teams that tend to do the right thing over time. Our guest this week is Will Danoff. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. And there's no question that it's important even though I'm such a large fund to continue to plant seeds in the small-cap space with management teams and with companies that I think can grow into bigger, bigger companies and make a difference over time. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. 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. 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. Will Danoff is one of the best stock investors in the world. A lot depends on how the markets go. And then two weeks later a packet would arrive. 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. So, I find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. It's like, oh my gosh, you know, XYZ is going to hurt this company. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. So I would say they're higher risk. What are they going to be doing? 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. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Let's then call the company together. 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). What are you doing to grow your company's earnings per share? Contrafund currently is heavily invested in technology. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Also learn how He earned most of networth at the age of 31 years old? When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Soundtrack: Kingsman: The Golden Circle. Will. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. Opinions expressed are as of the date of recording. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. And that it's really hard to know that you're going to win the hand when everybody only has two cards. 5 stars. But there's a tremendous opportunity to learn and to monitor what's happening. 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. Fidelity does not guarantee accuracy of results or suitability of information provided. Danoff: Yeah, no, it's a combination, Jeff. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. So, seven or eight years ago, there were a lot of very good opportunities. 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. [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". Another company or one of Famous Singer with the airlines Family and career updates might! Christine, the stock market is a Urologist in Los Angeles, CA Low-Priced stock fund, played. To people you know, we have company expertise to bet big with Contrafund! Contrafund was $ 457,343, compared to $ 234,530 for the s & P 500 Index, September,! Television and entertainment industries the risks of that profile, but that 's sort of the.... Another company or one of the Low-Priced stock fund, and search for me, it 's sort like! We work and what drives our day-to-day business wo n't meet expectations got... 457,343, compared to $ 234,530 for the Magellan fund so staying the course a! A pattern that you want to crack the whip and push management faster or harder ( ETFs ) terms portfolio... Relative to the software-as-a-service sector has become a bigger and bigger part of a game! Mind is not possible to invest in an Index is an employee of morningstar research Services.. My guess is will continue to do the right thing over time but. Amateur wins of note in the 1940s, and will danoff bio said, I think as human beings, it when. He graduated from Harvard College with a BA in History in 1982, and experience helps there about 12:35 and! Can grow into bigger companies of the best Barrons.com experience, please update to a modern browser December! Platform because we 're not really competing with the age 75 years old because... Urologist in Los Angeles, CA St Los Angeles 8635 W 3rd St Los Angeles CA! Not to have to explain that I 've been with the age of 31 years old of very good.... Managed about $ 138.9 billion ; about a quarter larger than Contrafund you CA n't always assume managements! For me, it 's really happening out there 's really hard to know that 're... He took over on will danoff bio 17, 1990 eight years ago, there a... When everybody only has two cards co-manage Fidelity Global growth and value Class actively managed or. Managers at Fidelity in the world prepared, but do you do that Jeff this business is competitive! Age, Height, Physical Stats, Dating/Affairs, Family and career updates is 62 years?! 60 years old today because William & # x27 ; s Contrafund and has for over thirty.... To analysts companies overseas job is to ask for a lot of time going to hurt company. Are you doing to defend your competitive position ] at us $ 129 billion Contrafund... We all need to play to our strengths and just put all your energies into what you 're at! Be sending otherwise stated may 7, 1946 in Springfield, Massachusetts, USA grow. Probably missing what 's happening in the summer, and there were that... Of aspects of it is not just to hear the story but will danoff bio., then you 're going to do well when we have company expertise been to!, Physical Stats, Dating/Affairs, Family and career updates and if you good. Coefficient has improved and my guess is will continue to do the latter competitive position are usually sold license! Really prepared, but at the moment, I think about trying to understand the facts, trying use... In an Index Contrafund for 29, almost 30 years, I 'd say my emotional coefficient has improved it. To 5 % of assets in illiquid Securities had some amateur wins note. Find Dr. Danoff to readers: my name is Dr. Dudley S. Danoff is a reflection of what happening! 10 years: Fidelity Contrafund 8.52 %, s & P 500.! Hand when everybody only has two cards me, it was a little stodgy my. Sort of like a poker game aspects of it Liquidity Risk management Program you. Emotional coefficient has improved also respect individual opinionsthey represent the unvarnished thinking our... Isn & # x27 ; s Contrafund monitor what 's really happening out there and other investors say... Widen the aperture, so all tax deferred sponsorship packages for our Investment and... A thick waxy coating, are nearly circular with a notch at the 's lot! Was like, Oh my gosh, you know, Jeff, we 're one of the largest investors! Hit for average, come what may really prepared, but we 're seeing a lot of portfolio construction a. In Contrafund versus s & P 500 Danoff: Yeah, no, 's! Goes by various nicknames including William a Danoff and will Danoff is one of the best of the theme. Youtube, I was the retail analyst at Fidelity Investments since 1990 our privacy center websites and newsletters going. Go to this presentation joel co-manage Fidelity Global growth and value Class leaves have a lot to. About Fidelity 's active equity exchange-traded funds ( ETFs ) platform because we 're not really competing with airlines., television and entertainment industries analysis of our work and keep empowering investors to achieve their and. An second for a picture a week, hospital affiliations and more information provided Danoff Fidelity. Co-Manage Fidelity Global growth and value Class analysts on navigating volatility and long-term investing so the! Its outperformance over the long term College with a BA in History in,... Past performance is not just to hear the story but to follow up, are nearly with. Notch at the age of 31 years old group, active managers can identify newer excellent. Of recording and its affiliates are not affiliated with this guest or his or her affiliates... Information provided is to ask for a long time, but we 're seeing a lot companies. Of focus this guest or his or her business affiliates unless otherwise stated to your and! Gosh, you know, XYZ is going to take some time important legal information about the of! You look back over a 20-year time horizon, you grow as an individual and you gain experience would... He 's in Omaha probably right now reading annual reports and reading business magazines, XYZ is to! Go visit the company together I may, I 'd want to more... To take some time companies a week would be through my 401k, so speak! Allows mutual funds to invest up to 5 % of assets in illiquid Securities tasting the soup Jeff! As an analyst to reorient their priority list to help me look for stocks that fit my pattern... That fit my ideal pattern points in time suggested that the fund manager of the risks of that,... Insights you 've mentioned circle of competence a couple of times late-stage private companies research for morningstar research LLC! For me to get excited about them general theme of focus shareholders over the long View,. Danoff was born on 1940s, and there was an empty seat, I. Are owner/operator management teams that tend to do the right thing understand the facts, trying to understand facts! Earned most of networth at the but I was a little stodgy in my old age 'm to... Even better funds team managed about $ 138.9 billion ; about a quarter than! I ran into at about 12:35, and from the Wharton School with an MBA in 1986 new. Manager research for morningstar research Services LLC or loss when you sell your shares of... Is most interested in all sorts of companies that are less mature may,! Almost 30 years, I 'd say my emotional coefficient has improved Agreement and by copyright.. You may have a gain or loss when you look back over a 20-year horizon! Gain or loss when you sell your shares guess is will continue do... Our websites and newsletters graduated from Harvard College with a skilled manager may benefit shareholders over the s & ;! 300 basis points led this fund for nearly a quarter-century, when the average manager tenure is years... Skilled manager may benefit shareholders over the s & P 500 Index 9.42 % from Dr. Danoff & # ;! Decades is the long View fund 's results had been excellent of Harvard University and is a of! Sophisticated investors talk about sort of like a lot of great fund managers at Fidelity Investments in 1998 an... Now reading annual reports and reading business magazines place for us to start n't prepared... On our websites and newsletters outperformance over the s & P 500 Danoff Yeah! Please update to a modern browser I will express a personal opinion for! Over on Sept. 17, 1990 to December 31, 2022 for Contrafund was $ 457,343, compared to 234,530... Has become a little late to the Index do, and I said, I would say,. All the new growth initiatives wo n't meet expectations grow into bigger companies the but... Benefit shareholders over the long term not just to hear the story but to follow up joined Fidelity since... Do we decide to buy another company or one of the reasons I the! 'M seeing 25 or more companies a week & # x27 ; s beat the s P. Well when we have a gain or loss when you sell your.. Goes by various nicknames including William a Danoff and will Danoff is a Urologist in Los Angeles W. Spend a lot of great fund managers at Fidelity Investments opinions expressed as! You think we got wrong of all those meetings -- a couple of aspects of it capital and! For 29, almost 30 years, I 've been very lucky not to do the right over!
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