will danoff bio

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. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. Owen Danoff s birth sign is Scorpio. They've got their EarPods, they've got an iPad, they've got a computer. 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. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. So maybe 10% of my time. 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. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. And I only knew the name of the company. I mean, Apple is the largest company in the world; they're very profitable. But in every industry, there are new emerging themes, and hopefully, the Fidelity research department and I can identify those themes and find companies that are going to benefit from those themes. At some point, somebody said, You really should go to a lunch and meet Ryanair. And I said, Really? And they're the low-cost operator in Europe. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Kalra currently manages Fidelity Blue Chip Growth Fund. Or do you just keep that to yourself? And I think that probably partly explains why I haven't been as active on social media. Opinions expressed are as of the date of recording. Thank you again, so much, for joining us on The Long View. And the thought process was, Well, we have industry expertise, we have company expertise. But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. Are we going to get sold again to some conglomerate or to some private equity firm?. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. But I have experience. And those are the types of companies that Contrafund and Fidelity is most interested in. There are always reasons to worry. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. And they were a relatively small player with a differentiated product and mostly selling balances to labs. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. 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. And as investors, we all need to play to our strengths and be who we are. Before moving to William's current city of Weston, MA, William lived in Boston MA. Danoff: That's a really good question, Christine. 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. I mean Fidelity is an unbelievable organization. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. 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. And it's just a matter of finding those companies. Even in energy, which is way out a favor right now, there may be an opportunity over time. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. 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.*. I do think there are owner/operator management teams that tend to do the right thing over time. Mitchell C. Indio, CA. Are you content to really to try to hit for average, come what may? Jeff Ptak: Hi, and welcome to The Long View. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. 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. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. These are behemoth companies. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Will Danoff32 years Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. And I've been with the Contrafund for 29, almost 30 years. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. They hand off responsibility for security research and talking to management. [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. I hadn't really prepared, but I was just going to just learn about this new company. She was previously married to Bill Danoff. Let's then call the company together. And I went to a lunch in the mid to early 90s. For me, it's the ability to make big bets it's harder. 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. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? Taffy Nivert. The older mind is not as nimble as the younger mind. And our real challenge or our job is to ask for a picture. He's beat the S&P 500 300 basis points. And in talking to company management--what do you think you get from that experience? Excited to be here. Danoff: I think over time, maybe, you grow as an individual and you gain experience. The market, as you know, has been unbelievably good. And the executive said, You know, we're not really competing with the airlines. 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. And when these companies do come around to Boston, they presumably have an agenda. Sep 19, 2020, 5:13 AM. 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. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Because, I think, the return on equity for the average S&P 500 company is close to 20%. Let's say, a 50-basis-point or 100-basis-point bet immediately. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. 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. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. And also, I think at Fidelity, we got a great team. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. But capacity is what it is--that was a decision that I didn't make. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. Fidelity Contrafund It is a violation of law in some jurisdictions to falsely identify yourself in an email. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. You can help Wikipedia by expanding it. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. 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 . A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. [2] Early life and education [ edit] And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. We recommend you to check the complete list of Famous Singer. And if you're working all the time, then you're probably missing what's happening in the world. And I'd say that we have meetings with these managements just like the other large institutions. And maybe they're doing too many initiatives, maybe they're not as good as they thought. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. For a long time, I was a little late to the software-as-a-service sector. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. We recommend you to check the complete list of Famous People born on . I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. 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. And hopefully small mid-cap companies can grow into bigger companies. 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. I prefer improving stories where I can double down if things get even better. 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. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. This year, he marks three decades of managing the $131 billion [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". But there's a tremendous opportunity to learn and to monitor what's happening. But, you know, what we've all learned is we want to make sure that the management team is particularly special. Jeff Ptak is an employee of Morningstar Research Services LLC. 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. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . I do think also with technology and the Internet that bigger companies are executing better. So, you know, I can monitor what's happening and review what's happening regularly. Turnover is maybe 35%. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Adam Danoff net worth is $900,000. I think it would be hard if I hadn't grown up with the fund. Also learn how He earned most of networth at the age of 60 years old? But you and your listeners--you're sophisticated investors. And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. And they've just kept executing. Honestly, Jeff, you have to play to your strengths. Danoff manages Fidelity's Contrafund and has for over thirty years. Thanks so much. 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. William Danoff is 62 years old today because William's birthday is on 07/13/1960. Such opinions are subject to change. Or do you play to your strengths and just put all your energies into what you're good at? Will Danoff is one of the best stock investors in the world. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. 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. Learn How rich is He in this year and how He spends money? And if you haven't seen it, it's a very good letter. And the analysts ideally are coming to me with their best ideas. And there are all sorts of companies that have had multiple owners. 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. 5847 Education: BA Hunter College, City University of New York, 1976. 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). But that's just speculation. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Learn How rich is He in this year and how He spends money? And that's where the privates are. And I think Fidelity lets people be who they are. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. But mostly that's market appreciation. Performance data shown represents past performance and is no guarantee of future results. 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. So, you know, I do have a lot in technology. But the real key is not just to hear the story but to follow up. 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. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. This article about an American businessperson born in the 1950s is a stub. This copy is for your personal, non-commercial use only. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. But it's when you get a second king that you want to bet more. 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. 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. I think the book of business is about $185 billion now, maybe a little higher. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. I'm Jeff Ptak, director of manager research for Morningstar Research Services. So, the bar has risen for the Contrafund. 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. All investments are subject to investment risk, including possible loss of principal. 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. But do you wait for good phase 2 data? 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. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. But we're working for the shareholders here at Fidelity, and I take that quite seriously. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Terms of Service apply. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. I have to explain that I've become a little stodgy in my old age. And, if I had to guess, I think that trend might slow down. And again, experience plays a role here. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. 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. You know, you think about the great Warren Buffett. But everybody worries about everything. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 14. Eclipsing the market over decades is astonishing. How did the new acquisition in Europe go? I've invested less over the last year or two than I feel like I did earlier on. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. 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. It is not possible to invest in an index. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Copyright 1998-2023 FMR LLC. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. I'm working for the shareholders. Danoff: Yeah, that's a really good question, Christine. 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. I want to make sure the research department knows I care about the stock.

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