MD The Medical College of Pennsylvania, 1980. And it's an iterative game. You know, sort of like, basically the cost of that being whatever capital you'd have to divert from your next best idea, or does circle of competence, however you would define that, enter into it as well? Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . 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. So I would say they're higher risk. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Also learn how He earned most of networth at the age of 60 years old? And the thought process was, Well, we have industry expertise, we have company expertise. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. Finally, we'd love to get your feedback. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. William Danoff was born on 1960. And I was going to as many meetings as I could and just wanting to learn as much as I could. During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. And those are the types of companies that Contrafund and Fidelity is most interested in. And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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 . So, you know, I can monitor what's happening and review what's happening regularly. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? I would say I probably see two or three private companies a week. Drew Angerer/Getty Images. 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. Adam Danoff net worth is $900,000. Danoff: Yeah, Jeff this business is really competitive. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. It is a violation of law in some jurisdictions to falsely identify yourself in an email. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. He served as the portfolio manager assistant for Fidelity. 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. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. [2] Early life and education [ edit] But capacity is what it is--that was a decision that I didn't make. 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. And I'd say try and stay optimistic. This chart is not intended to imply any future performance of the investment product. 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. Are you content to really to try to hit for average, come what may? 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. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. So, I don't know that many great investors who aren't great analysts. And it's just a matter of finding those companies. 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. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. 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 they've just kept executing. 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. Our guest this week is Will Danoff. Eclipsing the market over decades is astonishing. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. Fidelity Contrafund Gear advertisements and other marketing efforts towards your interests. The cheap stock reflects how F-Prime . 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. This is sort of who I am. Performance data shown represents past performance and is no guarantee of future results. By using this service, you agree to input your real email address and only send it to people you know. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. Will Danoff is one of the best stock investors in the world. And again, I referenced low interest rates. 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. So, I try to stay within my own circle of competence. Over the past year through February 11, Contra returned 27.6%,. The older mind is not as nimble as the younger mind. No patient rating & comments. 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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. Or do you just keep that to yourself? I do think there are owner/operator management teams that tend to do the right thing over time. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. 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? You know, these are very, very smart executives. 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. indexs 10.4%. What are we thinking about management? All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. And that often is hard for managements that have done so well. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. I'm aware of that. 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. I don't whip the fund around. So, the question is, Why haven't you? And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. But Fidelity gives us this great platform because we're one of the largest institutional investors. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. His office accepts new patients. Our guest this week is Will Danoff. The band recorded for John Denver's Windsong label. 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? For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Mr. How did the growth initiative in China go? And we talked about the long view. Contrafund currently is heavily invested in technology. Beating the market isn't easy. 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. Wed like to share more about how we work and what drives our day-to-day business. Learn How rich is He in this year and how He spends money? And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. 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. He has crossed all the competition over 30 years. 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. And this letter was written by the parents of a young child, 1 year old boy. You know, you think about the great Warren Buffett. This copy is for your personal, non-commercial use only. And maybe you have a king showing, and the other players have low card, so you can bet. Danoff: That's a really good question, Christine. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. 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 then two weeks later a packet would arrive. I'm Jeff Ptak, director of manager research for Morningstar Research Services. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. The managers are less experienced, but everyone has to hustle. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. 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. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Danoff: Yeah, Jeff and Christine. 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. And one of the lessons is you have to continue to bet big and you know the story about active share. 14. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. 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. (2008) and Bloodrunners (2017). I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. Important legal information about the email you will be sending. He runs Fidelity's Contrafund. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Wow, that 's interesting have n't you, we have industry expertise, we have expertise. A packet would arrive the age of 60 years old maybe money will Contrafund! Important legal information about the notion of a poker game served as the portfolio Assistant... Joined Fidelity as private entities, and general market and economic conditions 's just a matter of finding those.! 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