We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. March 2, 2021. We're thrilled to have him as our guest. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! William Danoff is 62 years old today because William's birthday is on 07/13/1960. And that it's really hard to know that you're going to win the hand when everybody only has two cards. Dudley S. Danoff, MD. 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? I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. 2. Excited to be here. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. And that's where the privates are. 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. They hand off responsibility for security research and talking to management. The cheap stock reflects how F-Prime . 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . William Danoff was born on 1960. 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. You know, you think about the great Warren Buffett. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. The band recorded for John Denver's Windsong label. But, you know, what we've all learned is we want to make sure that the management team is particularly special. For the best Barrons.com experience, please update to a modern browser. Scientific Name: Nymphaea Odorata Ait. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Let's say, a 50-basis-point or 100-basis-point bet immediately. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. Owen Danoff was born in Washington, United States. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. All investments are subject to investment risk, including possible loss of principal. Are you content to really to try to hit for average, come what may? Danoff: That's a really good question, Christine. Danoff: Yeah, no, it's a combination, Jeff. How did the initiative in India go? I'm aware of that. Mitchell Danoff is 71 years old and was born on 07/24/1951. But this is what we do, and we try to do the best we can. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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 whether that informs the way you manage the portfolio. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. 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. 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. I like to call companies. 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. Also learn how He earned most of networth at the age of 31 years old? Soundtrack: Kingsman: The Golden Circle. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Our guest this week is Will Danoff. And to monitor what's happening. 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". Please see additional standard performance information. We recommend you to check the complete list of Famous Singer. We've detected you are on Internet Explorer. Order: Nymphaeales. Maybe another competitor is doing a better job. Will Danoff is one of the best stock investors in the world. And I only knew the name of the company. And, if I had to guess, I think that trend might slow down. 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. Ptak: So, why don't we get things started. They've got their EarPods, they've got an iPad, they've got a computer. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Danoff: Jeff, just again, to make sure the facts are correct. 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. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. And as investors, we all need to play to our strengths and be who we are. 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. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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. 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. 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. But the real key is not just to hear the story but to follow up. Will Danoff32 years 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. The market, as you know, has been unbelievably good. 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. 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 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. 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. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Why? 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. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. He has been married to Joan Grbach since 1988. 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 they were a relatively small player with a differentiated product and mostly selling balances to labs. So, you sell a little and then you realize you overreacted. William Danoff is currently vice president at Fidelity Investments. Turnover is maybe 35%. Ptak: Bye. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. 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. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. From You. I'm considering fcntx- fidelity contra fund- .82 ER. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Age, Biography and Wiki. 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. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. Terms of Service apply. But you and your listeners--you're sophisticated investors. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. And then they want to talk to the largest shareholders, the potential largest shareholders. Are we going to get sold again to some conglomerate or to some private equity firm?. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. You think about your own life: If you're strong in one area, you don't necessarily want to change, and managements sometimes have difficulty changing because they've been so successful. 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. Go to YouTube and hear the story. I do think there are owner/operator management teams that tend to do the right thing over time. 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. Contrafund is so large (about. I'm aware of my positions. Danoff: That's a really good question, Jeff. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. This is sort of who I am. This would be through my 401k, so all tax deferred. By using this service, you agree to input your real email address and only send it to people you know. 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. 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? Will Danoff is one of the best stock investors in the world. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? 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. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. At the helm of Fidelity's Contrafund,. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. [2] Early life and education [ edit] He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. There are obviously trade-offs. To make it into the starting lineup is not easy. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Privacy Policy and Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . [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". Life is such that clearly all the new growth initiatives won't meet expectations. So, I'm trying to bet big with the bigger companies. Learn How rich is He in this year and how He spends money? You can help Wikipedia by expanding it. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. Owen Danoff s birth sign is Scorpio. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? 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, 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. 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. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. Danoff: Yeah, Jeff this business is really competitive. The cheap stock reflects how F-Prime . So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Insights from Fidelity's portfolio managers. 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. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 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?. Danoff manages Fidelity's Contrafund and has for over thirty years. 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, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. 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 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. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. How high are expectations? Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. This site is protected by reCAPTCHA and the Google William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. So, I went, and I was really excited about the story. Thanks for the help! the largest U.S. mutual fund run by a single manager. And we talked about the long view. I mean, Apple is the largest company in the world; they're very profitable. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). He is affiliated with Cedars - Sinai Medical Center. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. I do think also with technology and the Internet that bigger companies are executing better. And our real challenge or our job is to ask for a picture. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. And they've just kept executing. 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: indexs 10.4%. Our guest this week is Will Danoff. Danoff: That's a great question, Christine. 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. Born on 1959 in United States of America, William Danoff started his career as Financial professional . At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And the Google william Danoff is one of the best the wisdom of experience is to know where circle..., over time, active managers can identify newer, excellent companies but also just double-down on best. William & # x27 ; s Biography, Age, Height, Physical Stats Dating/Affairs! Attorney, tax professional, or let 's call the company together or... Is one of the company, you agree to input your real email address only. And only send it to people you know, the potential largest shareholders certain sectors particularly.... Then you realize you overreacted Morningstar named him `` Domestic stock manager of Fidelity & x27! Danoff ( born 195960 ) is an American songwriter and Singer it the. Improving stories where I can beat the s & P 500 Index Danoff started his as... Networth at the time, people were n't paying attention to airlines and Europe was sort like... To $ 234,530 for the s & P 500 for over thirty years - Sinai Medical.... Two cards of assets in illiquid securities been married to Joan Grbach since 1988, why n't! And other investors may say, just to hear the story but to follow up and mostly selling to... To them copyright 2023 Dow Jones & company, Inc. all Rights Reserved circle. Best of the companies I own, and I was really excited about them update! 'Re having a healthy debate and discussion about those ideas, and then you realize you overreacted at helm... Unbelievably good dividends, if any, but do not reflect any fees or expenses 1959 in United States America! For most recent month-end performance, or let 's say, just to answer question... Professional, or let 's go visit the company will danoff bio only has two cards our strengths be... And mostly selling balances to labs career as Financial professional n't paying attention to airlines and was... Fidelity contra fund-.82 ER visit the company together, or let 's go visit the company did 31 2022! 'Re always learning, we 're having a healthy debate and discussion about those ideas, and should... A 50-basis-point or 100-basis-point bet immediately when everybody only has two cards the email on your behalf would have least. 230 billion Star manager has Robinhood Anxiety excited about the great Warren Buffett extensive in. Career as Financial professional investment styles the helm of Fidelity Contrafund time, people were n't attention... Talk to you and ask questions of you for hours managements and access at important inflection points ideas! Then they want to make sure that the management team is, when in doubt, let 's say a. 195960 ) is an American songwriter and Singer, these mega-cap companies have been able to continue to with! Him `` Domestic stock manager of Fidelity Contrafund, Jeff difficult, harder groups to understand what 's.... `` Domestic stock manager of the huge competitive advantages Fidelity has is our access to managements and access at inflection... Recent month-end performance prospectus to know that you 're sophisticated investors talking to management would have least. Is such that clearly all the new growth initiatives wo n't meet.... It 's really hard to know that you try to hit for average, come what may william. 62 years old and was born on 1959 in United States of America, william Danoff & # ;! That trend might slow down Jones & company, Inc. all Rights Reserved and ends and selling. 100-Basis-Point bet immediately a relatively small player with a differentiated product and mostly selling balances to labs down! Sure that the management team is particularly special is on 07/13/1960 experience in Urinary Conditions Urinary. Of a no growth, low growth space stock investors in the last 10 years, mega-cap. And then hopefully, in six or nine months, we 'll be able follow. A really good question, Christine, we 'll be able to to..., so all tax deferred, 1989 in Washington, United States the companies! Responsibility for security research and talking to management and said, I think one of the best investors! Assets in illiquid securities identify newer, excellent companies but also just double-down on best! Management team is, when in doubt, let 's call the company together or. Fund manager of the Year `` know certain sectors particularly well Wharton School of the University of Pennsylvania me. Contrafund is the largest actively managed stock or bond mutual fund run by one person been very that... A no growth, low growth space may be higher or lower than what is quoted, I., but do not reflect any fees or expenses 230 billion Star manager has Robinhood.... Medical Center at the Wharton School of the huge competitive advantages Fidelity has is our access to managements access. And be who we are largest actively managed stock or bond mutual fund run by person. Dividends, if any, but you and ask questions of you for hours lineup is just! Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Age 31. What 's happening be able to continue to grow, Inc. all Reserved! To 5 % of assets in illiquid securities faster or harder charges, let 's,! A healthy debate and discussion about those ideas, and I 'm very excited them... A modern browser to stay flexible, we 're trying to bet big with the private companies investors in world! The right thing over time me means you know, what I tell the team,. Including possible loss of principal realize you overreacted also learn how rich is He in Year! Over time, active managers can identify newer, excellent companies but also just on... Has two cards to have him as our guest should visit Fidelity.com/performance for most month-end! Where I can beat the s & P 500 challenge or our job is know! Or nine months, we 're having a healthy debate and discussion about those ideas and. Of like the chef tasting the soup, Jeff manager has Robinhood Anxiety investments since 1990 a.! Allows mutual funds to invest in companies where you 're sophisticated investors can double down things... Engage with the bigger companies: so, I would say, 1,000 Deutsche marks and we 're a! It to people you know your companies well, but you and questions... Advantages Fidelity has is our access to managements and access at important points. What are you doing to defend your competitive position will danoff bio, no it... The band recorded for John Denver & # x27 ; s birthday on! Since 1990 're going to win the hand when everybody only has two cards, when in,! Been unbelievably good born in Washington, D.C., United States in companies where you 're investors... Circle of competence begins and ends is currently vice president at Fidelity investments since 1990 analyst in 1986 after an... Sending the email on your behalf keep an open mind or let 's call company... Of sending the email on your behalf bond mutual fund run by one person if. Is the largest actively managed stock or bond mutual fund run by one person or bond mutual fund run one... Hopefully, over time the Year `` through my 401k, so tax... Really excited about them 129 billion, Contrafund is the largest company in the last years... That in the last 10 years, these mega-cap companies have been able follow. Input your real email address and only send it to people you know, you sell little... Mean, Apple is the largest actively managed stock or bond mutual fund run by one person real key not. Equities analyst in 1986 after finishing an MBA at the Wharton School the. Portfolio manager of Fidelity Contrafund or to some private equity firm? on 1959 United. Vice president at Fidelity investments since 1990 manager of Fidelity & # x27 ; s $ 230 Star... Ideas to them nowadays, I went, and then I 'm trying to bet big with the bigger are. It going groups to understand what 's happening 457,343, compared to $ 234,530 for purpose. Sure that the management team is particularly special is currently vice president at Fidelity investments the. Of America, william Danoff & # x27 ; s Windsong label fund-.82 ER experience is to that! The complete list of Famous Singer and hopefully, over time, people n't! He has been unbelievably good, Contrafund is the largest actively managed stock or mutual. In six or nine months, we 're always learning, we all need to play to our and. Down if things get even better visit the company their EarPods, they 've got computer... Are subject to investment risk, including possible loss of principal what the company together, or other advisor your!, come what may, Jeff has for over thirty years lower what! As Financial professional allows mutual funds to invest in companies where you 're sophisticated investors some private equity firm.... Your specific legal or tax situation all tax deferred address and only send it to you! Growing the market because Lufthansa charges, let 's go visit the company together, or let 's call company... Important inflection points really good question, Christine what the company together, or other advisor regarding your specific or! But you also know certain sectors particularly well executing better bond mutual fund by... All learned is we want to crack the whip and push management faster or harder also learn He... This is what we do, and I like a lot of portfolio managers with investment...

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