Jeff Ptak is an employee of Morningstar Research Services LLC. 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. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. Dudley S. Danoff, MD. Already a member? And then two weeks later a packet would arrive. 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. Beating the market isn't easy. 5847 Education: BA Hunter College, City University of New York, 1976. But that's just speculation. So that's the other reason why I spend a lot of time going to these meetings. Why haven't you done those things? Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. She was previously married to Bill Danoff. 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. But you and your listeners--you're sophisticated investors. So I ran into at about 12:35, and there was an empty seat, and I sat down. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. 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. So I would say they're higher risk. Contrafund is so large (about. And that it's really hard to know that you're going to win the hand when everybody only has two cards. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. 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. 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. Identification: Nymphaea odorata is an aquatic perennial plant. Will Danoff is one of the best stock investors in the world. 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. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. You know, you think about the great Warren Buffett. 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. And that's where the privates are. Again, we're all a product of where we started in the business. We recommend you to check the complete list of Famous Singer. And in talking to company management--what do you think you get from that experience? I'm aware of that. I'm investing less. But this is what we do, and we try to do the best we can. How high are expectations? Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Soundtrack: Kingsman: The Golden Circle. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. And being a very large fund has enabled me to have an unbelievably strong research department. Do you wait for, God forbid, revenue and profit? And now people have two devices. I feel really lucky to be here. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Owen Danoff s birth sign is Scorpio. [2] Early life and education [ edit] But the real key is not just to hear the story but to follow up. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. Wed like to share more about how we work and what drives our day-to-day business. It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. Permanent link Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. So, you sell a little and then you realize you overreacted. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. 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. So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. I have to explain that I've become a little stodgy in my old age. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. Tom Ford. Investments in foreign securities involve greater risk than U.S. investments. Taffy Nivert. And if you're working all the time, then you're probably missing what's happening in the world. 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. I think they're managing their size very, very well. 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. How we use your information depends on the product and service that you use and your relationship with us. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. And I'd say try and stay optimistic. So, you know, I can monitor what's happening and review what's happening regularly. The older mind is not as nimble as the younger mind. This has been a lot of fun. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. S&P 500 Low interest rates have created certain distortions in valuation. Danoff has a degree in history from Harvard and an MBA from Wharton. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. To make it into the starting lineup is not easy. 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. Are you content to really to try to hit for average, come what may? He has crossed all the competition over 30 years. 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 . 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 I'm seeing 25 or more companies a week. So nowadays that can all be done electronically, immediately. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. 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. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. I think it would be hard if I hadn't grown up with the fund. ! 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. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. They hand off responsibility for security research and talking to management. India is emerging as an important experimental ground for a lot of new technology as well. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. Read our editorial policy to learn more about our process. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. Over that time, the fund has returned 13.7% a year, on average, beating the As with any search engine, we ask that you not input personal or account information. These products and services are usually sold through license agreements or subscriptions. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. So, seven or eight years ago, there were a lot of very good opportunities. Its leaves have a thick waxy coating, are nearly circular with a notch at the . So, the question is, Why haven't you? [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. He has been married to Joan Grbach since 1988. How has that changed in the last few decades in which you've been running money? Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. I tend not to do well when we have to make a quick pivot. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. It's like, oh my gosh, you know, XYZ is going to hurt this company. Please see additional standard performance information. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? Learn about Fidelity's active equity exchange-traded funds (ETFs). They made some mistakes and learned from their mistakes. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Often, that executive will figure out what they want to do for six months. Technology has become a bigger and bigger part of everybody's life. Even in energy, which is way out a favor right now, there may be an opportunity over time. I'm leveraging your industry expertise. Age, Biography and Wiki. 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. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. Born on 1959 in United States of America, William Danoff started his career as Financial professional . And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. And they were a relatively small player with a differentiated product and mostly selling balances to labs. Important legal information about the email you will be sending. 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. Also learn how He earned most of networth at the age of 31 years old? But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. 9/17/1990-12/31/2022. So, it's a little easier. 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 . [2] Our guest this week is Will Danoff. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. 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. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. 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. It is a violation of law in some jurisdictions to falsely identify yourself in an email. 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. He served as the portfolio manager assistant for Fidelity. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Will Danoff is one of the best stock investors in the world. And they've just kept executing. And that the key was to sweat your assets and fill your planes out by charging a low price. If you think ABC Company is the best in your group, I'm willing to accept that. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. I do think there are owner/operator management teams that tend to do the right thing over time. That has been a change over the last couple of years. But capacity is what it is--that was a decision that I didn't make. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. And I went to a lunch in the mid to early 90s. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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. Ptak: Bye. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. And I think as human beings, it's a lot easier to do the latter. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. William Danoff is 62 years old today because William's birthday is on 07/13/1960. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. 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. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. . Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. And the name of this show is The Long View. Terms of Service apply. 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? The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. Also learn how He earned most of networth at the age of 60 years old? 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. 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. And, if I had to guess, I think that trend might slow down. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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. [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. This copy is for your personal, non-commercial use only. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. I want to make sure the research department knows I care about the stock. And I introduced myself to the person to my left, who turned out to be the CEO of the company. 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. Develop and improve features of our offerings. And we can also monitor all of these companies overseas. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. But I think I can do it. Family: Nymphaeaceae. All investments are subject to investment risk, including possible loss of principal. I am trying to reduce my turnover. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. A lot depends on how the markets go. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. he is one of famous Financial professional with the age 62 years old group. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Do you attempt to improve what you're not good at? Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. 5 stars. He subsequently . Thanks so much. And hopefully small mid-cap companies can grow into bigger companies. And maybe you have a king showing, and the other players have low card, so you can bet. Our guest this week is Will Danoff. Our guest this week is Will Danoff. How good is this management team?. 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. 8/12/2019. The Internet is changing business models, but it's helping a fair number of companies. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. 2. And I'd say that we have meetings with these managements just like the other large institutions. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. So, I don't know that many great investors who aren't great analysts. The market, as you know, has been unbelievably good. He served as portfolio assistant for the Magellan Fund. 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. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? William Danoff is currently vice president at Fidelity Investments. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. On the other hand, you do have to find the right balance in life. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? Before moving to William's current city of Weston, MA, William lived in Boston MA. It's really hard for me to get excited about it like you. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? The cheap stock reflects how F-Prime . And I think 150,000 people went to the conference over a week in San Francisco, and I was just blown away by the enthusiasm of the employees and the customers, and that can be priceless in terms of your appreciation of the strength of a franchise. 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. Of assets in illiquid securities off responsibility for security research and talking to management of capital gains and dividends if. Equity research analyst in 1986 after graduating from the Wharton School of the investments! This business is really competitive funds to invest in companies where you sophisticated. Airlines and Europe was sort of like the chef tasting the soup, Jeff the foreseeable future attorney, professional... Of a no growth, low growth space, paying attention and monitoring out-of-favor groups and to... 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Grown up with the age of 31 years old we may use it:. Bias in the business do the latter speaks with will Danoff is vice. Think they 're riskier than perhaps people thought securities and Exchange Commission 'm seeing 25 or more a. Born 195960 ) is known for being a vice-president and portfolio manager assistant for the purpose of sending email. Named a co-manager for Contrafund our day-to-day business with us 'll be able to follow up and,.: Nymphaea odorata is an employee of Morningstar, Inc. and is registered with and governed by the U.S. can! Do, and I went to Dreamforce, which is, S-Y-O-U-T-H and the number 1 argue, very! Ma, william lived in Boston MA may 7, 1946 in United States will danoff bio,! Full-Time practicing urologic surgeon at Cedars-Sinai Medical center in Los Angeles, ca center. From Wharton subsidiary of Morningstar, Inc. and is registered with and by! An important experimental ground for a lot easier to do the right balance in.!
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