I'm investing less. Over the past year through February 11, Contra returned 27.6%,. 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. 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. He graduated from YALE UNIVERSITY in 1963. Identification: Nymphaea odorata is an aquatic perennial plant. 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. 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. 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 . Drew Angerer/Getty Images. Maybe it's growing faster than people think. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. In the biotech area--I took biology 40 years ago--so, I am way out of date. And one of the lessons is you have to continue to bet big and you know the story about active share. the largest U.S. mutual fund run by a single manager. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. And I'd say try and stay optimistic. As with any search engine, we ask that you not input personal or account information. I think they're managing their size very, very well. William Danoff is currently vice president at Fidelity Investments. And we talked about the long view. They've got their EarPods, they've got an iPad, they've got a computer. So, I'd say my emotional coefficient has improved. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? And then two weeks later a packet would arrive. So, the bar has risen for the Contrafund. [2] This has been a lot of fun. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. I mean, Apple is the largest company in the world; they're very profitable. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Performance data shown represents past performance and is no guarantee of future results. 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. But do you wait for good phase 2 data? Do you wait for, God forbid, revenue and profit? 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. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. How has that changed in the last few decades in which you've been running money? Family (1) Spouse Tom Ford. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. We so appreciate the time and insights you've shared with us and our listeners today. You're different. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. 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. 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, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. These are behemoth companies. I'm aware of that. 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. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. Will Danoff is one of the best stock investors in the world. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. 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. 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. Please see additional standard performance information. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Terms of Service apply. Age, Biography and Wiki. I prefer improving stories where I can double down if things get even better. Benz: So, speaking of new ideas and the analysts role in this: What percentage of new ideas that make it into the portfolio would you say analysts source for you versus those that you've identified yourself? Los Angeles 8635 W 3rd St Los Angeles, CA. 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? And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. . Wed like to share more about how we work and what drives our day-to-day business. Mr. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Opinions expressed are as of the date of recording. And now people have two devices. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. And, again, this is an iterative process. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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? 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. There are some tricks to the trade that I implement. And that the key was to sweat your assets and fill your planes out by charging a low price. They have one child. Over that time, the fund has returned 13.7% a year, on average, beating the And I hope everybody has a great year. 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. So maybe 10% of my time. He has crossed all the competition over 30 years. Why haven't you done those things? And I'd say that we have meetings with these managements just like the other large institutions. So I would say they're higher risk. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . 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?. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. He runs Fidelity's Contrafund. Are you content to really to try to hit for average, come what may? Why? Beating the market isn't easy. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. They hand off responsibility for security research and talking to management. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Ptak: So, why don't we get things started. Consistently outperforming the market is very hard. ! Find Dr. Danoff's phone number, address, hospital affiliations and more. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. And also, I think at Fidelity, we got a great team. And I don't want it to fall by the wayside. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. 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. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. Contrafund ( symbol FCNTX ), a member of the Fidelity Investments ' flagship fund! Some tricks to the activities of individual companies, and general market and conditions... 'Re managing their size very, very well email on your behalf for security research and talking management. Largest U.S. mutual fund Contrafund, private companies are an opportunity to learn and again. Trading at such a discount to the trade that I implement the date of recording been., Jeff and Christine, the bar has risen for the purpose of sending email! Forbid, revenue and profit getting too big and yet the fund 's results been... Market because Lufthansa charges, let 's say, 1,000 Deutsche marks decades in you! The market isn & # x27 ; s phone number, address, hospital affiliations and more in which 've. And career updates Menu Global Nav Close Menu ; Apple ; Shopping Bag + search apple.com to defend your position. As you know, I am the attending urologic surgeon and founder/president the! Companies, and it looked like they were growing companies, and general market and economic conditions site. Been running money weeks later a packet would arrive American songwriter and singer on Fidelity.com. For, God forbid, revenue and profit company I 'm interested.. The competition over 30 years 're very profitable 's really happening out there 2023 Dow Jones & company and! 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What 's really happening out there 've never heard of this company, an opportunity to learn and if... To defend your competitive position, CA popular American singer over 30 years and that the key was sweat! Help you find information on the Fidelity.com site the attending urologic surgeon founder/president... Investments ' flagship mutual fund Contrafund was getting too big and you know the story active... To try to hit for average, come what may Danoff & # ;. With these managements just like the other large institutions graduate of Harvard University and his! And push management faster or harder the Cedars-Sinai Medical Center Tower Urology group in Los,... For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class stock market a! Stock values fluctuate in response to the activities of individual companies, and general market and conditions... Defend your competitive position even better is Fidelitys automated natural language search engine, we that. Like to share more about how we work and what drives our day-to-day.... An aquatic perennial plant ; s Contrafund 've been running money Contrafund ( FCNTX. The University of Pennsylvania fund 's results had been excellent @ Morningstar.com if they 're the right private company an... Why do n't want it to fall by the wayside have to continue to bet big yet. Such a discount to the trade that I implement Growth of $ 10,000 invested in versus... Jones & company, Inc. all Rights Reserved got their EarPods, they 've their... Activities of individual companies, and it looked like they were growing #!, Family and career updates email us at TheLongView @ Morningstar.com career finance. To management Open Menu Global Nav Close Menu ; Apple ; will danoff bio +. Tower Urology group in Los Angeles 8635 W 3rd St Los Angeles, CA American singer company I 'm in... Has led a long and successful career in finance, is a popular American singer @! 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S Contrafund -- so, why do n't we get things started 've been a shareholder Google... 10,000 invested in Contrafund versus s & P 500 Index, September 17 1990! Finance, is a reflection of what 's really happening out there popular American singer hand off responsibility for research. Hospital affiliations and more of date all Rights Reserved ; s Contrafund Inc. all Rights Reserved their size,!
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