Danoff: That's a really good question, Christine. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. 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. Let's say, a 50-basis-point or 100-basis-point bet immediately. At the helm of Fidelity's Contrafund,. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. 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. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. So, I look at the fund. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. 269. She was previously married to Bill Danoff. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. So maybe 10% of my time. And this letter was written by the parents of a young child, 1 year old boy. Danoff, a firsthand witness to more than one major market blowup, has tended to outperform large-growth peers and the Russell 1000 Growth Index in down markets during his tenure. Do you attempt to improve what you're not good at? 14. 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. Mitch H Danoff, Mithcell H Danoff, Mitchell N Danoff, Mitchell H Danoff and Mitch Danoff are some of the alias or nicknames that Mitchell has used. It's like, oh my gosh, you know, XYZ is going to hurt this company. 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. And maybe you have a king showing, and the other players have low card, so you can bet. 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? Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. 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. Jeff Ptak: Hi, and welcome to The Long View. How we use your information depends on the product and service that you use and your relationship with us. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. You can't always assume that managements going to do the right thing. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Terms of Service apply. So, I don't know that many great investors who aren't great analysts. But mostly that's market appreciation. You can do it, but that's going to take some time. And this is always the great debate. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. 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. If you think ABC Company is the best in your group, I'm willing to accept that. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Kalra currently manages Fidelity Blue Chip Growth Fund. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. 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. 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 market, as you know, has been unbelievably good. 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. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. On the other hand, you do have to find the right balance in life. He has crossed all the competition over 30 years. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. This chart is not intended to imply any future performance of the investment product. 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. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. Danoff: Jeff, just again, to make sure the facts are correct. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. Family: Nymphaeaceae. 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. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. So, I try to stay within my own circle of competence. 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. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. Thanks so much. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. [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". Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. And the thought process was, Well, we have industry expertise, we have company expertise. You may have a gain or loss when you sell your shares. 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. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. Do you wait for good phase 3 data? He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Find Dr. Danoff's phone number, address, hospital affiliations and more. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Opinions expressed are as of the date of recording. 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". And they were a relatively small player with a differentiated product and mostly selling balances to labs. 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. 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? Thank you again, so much, for joining us on The Long View. Fidelity does have a massive staff of analysts. Masters in Business. 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. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. And so, one has to be very careful. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. That has been a change over the last couple of years. And to monitor what's happening. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. He graduated from YALE UNIVERSITY in 1963. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. But you know, you're not necessarily part of the zeitgeist. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. Mitchell Danoff is 71 years old and was born on 07/24/1951. The older mind is not as nimble as the younger mind. Technology has become a bigger and bigger part of everybody's life. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. 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. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. How high are expectations? Danoff: Yeah, no, it's a combination, Jeff. 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 in talking to company management--what do you think you get from that experience? And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. 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. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . And, you know, I would say this business is sort of like a poker game. This would be through my 401k, so all tax deferred. But you and your listeners--you're sophisticated investors. Also learn how He earned most of networth at the age of 60 years old? We sell different types of products and services to both investment professionals and individual investors. And then two weeks later a packet would arrive. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. So, if I had to guess, I'm going to spend less time with privates in the future. 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. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. So, the bar has risen for the Contrafund. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. They have one child. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. From You. And they've just kept executing. TOP 2.5%. 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 . You can help Wikipedia by expanding it. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. How did the initiative in India go? So, it's a little easier. But there's always controversy. S&P 500 To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. And then they want to talk to the largest shareholders, the potential largest shareholders. 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. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. Go to YouTube and hear the story. 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 find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. And those are the types of companies that Contrafund and Fidelity is most interested in. Urology group in Los Angeles, California of recording a lot of the Fidelity '... 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