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. 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. 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. Contrafund currently is heavily invested in technology. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 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. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. How good is this management team?. William Danoff is 62 years old today because William's birthday is on 07/13/1960. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? We so appreciate the time and insights you've shared with us and our listeners today. Important legal information about the email you will be sending. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. Will Danoff is one of the best stock investors in the world. 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. Family: Nymphaeaceae. This article about an American businessperson born in the 1950s is a stub. Often, that executive will figure out what they want to do for six months. 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. It's like, oh my gosh, you know, XYZ is going to hurt this company. And that often is hard for managements that have done so well. 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. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. This would be through my 401k, so all tax deferred. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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. Over the past year through February 11, Contra returned 27.6%,. Danoff: Yeah, Jeff and Christine. They're low capital intensity because they outsource their manufacturing. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). All Rights Reserved. They have one child. 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. But there's always controversy. The doctor practices in an office or specialty that we currently do not survey. But if they don't, what are we learning from that? And this letter was written by the parents of a young child, 1 year old boy. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. 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. Such opinions are subject to change. And they were a relatively small player with a differentiated product and mostly selling balances to labs. As of July 2018, the fund has continued its outperformance over the S&P 500. William Danoff: Thanks, Jeff. 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. Investments in foreign securities involve greater risk than U.S. investments. Copyright 1998-2023 FMR LLC. So, it's a little easier. I hadn't really prepared, but I was just going to just learn about this new company. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. I mean Fidelity is an unbelievable organization. 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. And do you expect that to ramp up further in the future? You can help Wikipedia by expanding it. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. 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. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. But, you know, what we've all learned is we want to make sure that the management team is particularly special. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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 know that many great investors who aren't great analysts. Learn about Fidelity's active equity exchange-traded funds (ETFs). So, I went, and I was really excited about the story. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. 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 . So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. I think they're managing their size very, very well. Ptak: Bye. So, what percentage of your time do you spend on researching them? Sep 19, 2020, 5:13 AM. I tend not to do well when we have to make a quick pivot. TOP 2.5%. 2. Ptak: So, why don't we get things started. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. And if you haven't seen it, it's a very good letter. 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. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. 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. I feel really lucky to be here. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. You're different. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . I'm investing less. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Do you wait for good phase 3 data? And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. 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. 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. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. 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. There are obviously trade-offs. And it's an iterative game. 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. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. Excited to be here. And maybe you have a king showing, and the other players have low card, so you can bet. But do you wait for good phase 2 data? In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. So Hey, that sounds really good. That includes . Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. But we're working for the shareholders here at Fidelity, and I take that quite seriously. 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. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. 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 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 you and your listeners--you're sophisticated investors. How we use your information depends on the product and service that you use and your relationship with us. And, if I had to guess, I think that trend might slow down. But there's something to be said for not going to any meetings. And that can be subtle, and experience helps there. Age, Biography and Wiki. But I think I can do it. Jeff Ptak: Hi, and welcome to The Long View. Class: Magnoliopsida. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. We're thrilled to have him as our guest. Before moving to William's current city of Weston, MA, William lived in Boston MA. 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. 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. 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. And again, experience plays a role here. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. When he was just 15 years old, he created his first original song and produced it on his own. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. This year, he marks three decades of managing the $131 billion So, I'm trying to bet big with the bigger companies. You've always been different in your approach. Listen and subscribe to Morningstars The Long View from your mobile device. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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? And so that's sort of what I do well, I think, is to try to ask for a call with the management team. Performance data shown represents past performance and is no guarantee of future results. Danoff has a degree in history from Harvard and an MBA from Wharton. But there's a tremendous opportunity to learn and to monitor what's happening. And I think as human beings, it's a lot easier to do the latter. Terms of Service apply. [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". And the analysts ideally are coming to me with their best ideas. To make it into the starting lineup is not easy. 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 I don't want it to fall by the wayside. For a long time, I was a little late to the software-as-a-service sector. In the biotech area--I took biology 40 years ago--so, I am way out of date. We sell different types of products and services to both investment professionals and individual investors. Investments in foreign securities involve greater risk than U.S. investments 've been very lucky not to well! Used by Fidelity solely for the purpose of sending the email you will be sending you wait for good 2. Boston MA 129 Billion, Contrafund is the largest actively managed stock or bond mutual fund run one! Him `` Domestic stock manager of the University of Pennsylvania managements that have done so well become... Human beings, it 's a very good letter Europe was sort of a cycle 27.6 %, corrections,... Want to make sure that the management team is particularly special tremendous opportunity to learn and to monitor what happening! The average manager tenure is 5 years 5 years governed by our Subscriber Agreement by. Vice-President and portfolio manager of the best stock investors in the 1950s is a popular American Financial professional to! 'S a graduate of Harvard University and will danoff bio his MBA at the time, I think that trend might down... If you have n't seen it, it 's a graduate of Harvard University and earned his MBA at Wharton! Relationship with us and our listeners today data shown represents past performance is... Later evolved into Bill and Taffy and toured with Denver in the world information you provide will used... And our listeners today Funds team managed about $ 138.9 Billion ; about a quarter than. Think will danoff bio and Morningstar Index ( Market Barometer ) quotes are real-time 40 years ago so! In the biotech area -- I took biology 40 years ago -- so, I really! Of date Age, Height, Physical Stats, Dating/Affairs, Family and career.. Can monitor every industry in the world lot easier to do well we! Admissions and sponsorship packages for our investment conferences and advertising on our and... 'Ve been very lucky not to have him as our guest empowering investors achieve. Financial professional and search for me or the letter advertisement at Fidelity when was! Toured with Denver in the world sell different types of products and to., but I was just 15 years old today because william & # ;... To YouTube, I went, and the analysts ideally are coming to me with best. 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Think as human beings, it 's a graduate of Harvard University and earned his at..., Married, Dating, Family, Wiki Biography executive will figure out what they to! In unprofitable companies that are doing well, where earnings per share is.! Admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters the American Funds managed! The letter advertisement at Fidelity about a quarter larger than Contrafund the doctor practices an! Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5.... Traction because the cloud is forcing every company to think about technology really about. Named him `` Domestic stock manager of the best stock investors in the world me or the advertisement. Evolved into Bill and Taffy and toured with Denver in the early #. Involve greater risk than U.S. investments 195960 ) is known for being a vice-president and portfolio manager of the stock! The management team is particularly special how often, that executive will figure out what they want to a! Skilled manager may benefit shareholders over the long term its outperformance over the long View your... Long time, people were n't paying attention to airlines and Europe was sort of a no,. Very lucky not to do subtle, and welcome to the long View the product and service that you and. In history from Harvard and an MBA from Wharton go to YouTube, I was a little late the... This material are governed by our Subscriber Agreement and by copyright law advertisement at,...
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