Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. 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. Listen and subscribe to Morningstars The Long View from your mobile device. And I only knew the name of the company. I want to make sure the research department knows I care about the stock. Our guest this week is Will Danoff. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. Thanks for joining us on The Long View. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. 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. And the analysts ideally are coming to me with their best ideas. I would say I probably see two or three private companies a week. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. Will Danoff is one of the best stock investors in the world. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Scientific Name: Nymphaea Odorata Ait. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. That includes . Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. I was just curious, looking at some of the names that you have in the portfolio, to what extent your portfolio sizing is informed by risk-management objectives that you have or other factors that we may have covered so far in the conversation. 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. But there's something to be said for not going to any meetings. Our guest this week is Will Danoff. Information that you input is not stored or reviewed for any purpose other than to provide search results. 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. Copyright 2023 Morningstar, Inc. All rights reserved. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. This chart is not intended to imply any future performance of the investment product. I'm going to not spend my time there? One--you have to make sure that you understand the threats to your existing holdings, but also, there's usually a pivot point where a concept then turns into a profitable business. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 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. And then two weeks later a packet would arrive. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 5 stars. Masters in Business. ! 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. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Order: Nymphaeales. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. I've invested less over the last year or two than I feel like I did earlier on. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Danoff: I'm not sure of the percentage, Christine. For the best Barrons.com experience, please update to a modern browser. 269. Danoff: Yeah, no, it's a combination, Jeff. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. He has crossed all the competition over 30 years. 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. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. And if you're working all the time, then you're probably missing what's happening in the world. he is one of famous Singer with the age 75 years old group. And hopefully small mid-cap companies can grow into bigger companies. So, what percentage of your time do you spend on researching them? He served as portfolio assistant for the Magellan Fund. You can't always assume that managements going to do the right thing. Los Angeles 8635 W 3rd St Los Angeles, CA. Why? 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. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. If you think ABC Company is the best in your group, I'm willing to accept that. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. 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. But even in the utility space, you can find interesting special situations. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. You can help Wikipedia by expanding it. So, I went, and I was really excited about the story. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. And I think Fidelity lets people be who they are. Fidelity does not provide legal or tax advice, and the information provided is general in nature and should not be considered legal or tax advice. 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. 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. 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. We're seeing the new management teams when they come to Boston to tell us how excited they are to take over the company, and finding new ideas then raises the bar for your existing positions. It's really hard for me to get excited about it like you. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. But do you wait for good phase 2 data? Thanks so much. And also, I think at Fidelity, we got a great team. Over the past year through February 11, Contra returned 27.6%,. 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. 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. 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. Over that time, the fund has returned 13.7% a year, on average, beating the Maybe another competitor is doing a better job. Tom Ford. 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. We're thrilled to have him as our guest. He was previously married to Taffy Nivert. It's like, oh my gosh, you know, XYZ is going to hurt this company. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. This would be through my 401k, so all tax deferred. 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. And I've added value relative to the index. So nowadays that can all be done electronically, immediately. Find Dr. Danoff's phone number, address, hospital affiliations and more. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. And if you haven't seen it, it's a very good letter. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. 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. He subsequently . And, again, this is an iterative process. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. 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. So that's the other reason why I spend a lot of time going to these meetings. 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? 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. 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. (2008) and Bloodrunners (2017). He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. Also learn how He earned most of networth at the age of 60 years old? I do think also with technology and the Internet that bigger companies are executing better. And then my second question is how you size positions. Gear advertisements and other marketing efforts towards your interests. Eclipsing the market over decades is astonishing. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. 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. So, I don't know that many great investors who aren't great analysts. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). Fidelity does have a massive staff of analysts. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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". William Danoff was born on 1960. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. 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