And they've just kept executing. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Maybe it's growing faster than people think. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Sign In. Develop and improve features of our offerings. But you know, you're not necessarily part of the zeitgeist. 5 stars. Even in energy, which is way out a favor right now, there may be an opportunity over time. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. My denominator is so big that it's not that easy to find really great stories at scale."[4]. And there are all sorts of companies that have had multiple owners. And I said, I have to go to this presentation. How we use your information depends on the product and service that you use and your relationship with us. You may have a gain or loss when you sell your shares. Sep 19, 2020, 5:13 AM. I want to make sure the research department knows I care about the stock. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Or do you just keep that to yourself? What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. he is one of famous Singer with the age 75 years old group. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Finally, we'd love to get your feedback. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Already a member? So, it's a little easier. William Danoff is currently vice president at Fidelity Investments. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. But this is what we do, and we try to do the best we can. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. But I would say capacity is one that I think a lot about. He's a graduate of Harvard University and. Will Danoff is the Portfolio Manager of Fidelity Contrafund. I'm aware of that. He was previously married to Taffy Nivert. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. And they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. And, if I had to guess, I think that trend might slow down. I think it would be hard if I hadn't grown up with the fund. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. We're thrilled to have him as our guest. The managers are less experienced, but everyone has to hustle. Learn How rich is He in this year and how He spends money? 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 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. Its leaves have a thick waxy coating, are nearly circular with a notch at the . 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. Since he took over on Sept. 17, 1990 . And maybe you have a king showing, and the other players have low card, so you can bet. If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. Beating the market isn't easy. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. So, I'd say it's a very healthy give-and-take and dialogue. Will Danoff32 years I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. 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. First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. Bill Danoff Family Background & Career. And the thought process was, Well, we have industry expertise, we have company expertise. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Identification: Nymphaea odorata is an aquatic perennial plant. And when these companies do come around to Boston, they presumably have an agenda. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. You know, you think about the great Warren Buffett. Insights from Fidelity's portfolio managers To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. 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. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. 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. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Information that you input is not stored or reviewed for any purpose other than to provide search results. 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. These are behemoth companies. They're low capital intensity because they outsource their manufacturing. 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. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. Learn How rich is He in this year and how He spends money? I'm leveraging your industry expertise. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. 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 . William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Danoff has a degree in history from Harvard and an MBA from Wharton. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. This site is protected by reCAPTCHA and the Google And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. Thanks for the help! William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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. Soundtrack: Kingsman: The Golden Circle. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. But I think I can do it. Tom Ford. 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 copy is for your personal, non-commercial use only. The doctor practices in an office or specialty that we currently do not survey. Adam Danoff net worth is $900,000. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. I'm considering fcntx- fidelity contra fund- .82 ER. 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 . And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. 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. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. [2] Early life and education [ edit] I'm aware of my positions. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. And the executive said, You know, we're not really competing with the airlines. And I only knew the name of the company. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . But partly, it's just this opportunity. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And then they want to talk to the largest shareholders, the potential largest shareholders. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. 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? Why? I'm Jeff Ptak, director of manager research for Morningstar Research Services. And that can be subtle, and experience helps there. You think about if you were an employee at a company like that. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. And the analysts ideally are coming to me with their best ideas. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. But I have experience. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. 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?. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Excited to be here. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And it's an iterative game. Popular As. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. We recommend you to check the complete list of Famous Singer. Do you wait for FDA approval? Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. 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. 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? 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. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. 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 I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. I respect you. Turnover is maybe 35%. And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. So that's the other reason why I spend a lot of time going to these meetings. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. I don't whip the fund around. Do you wait for, God forbid, revenue and profit? Los Angeles 8635 W 3rd St Los Angeles, CA. So I would say they're higher risk. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. So, you know, I do have a lot in technology. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. But Fidelity gives us this great platform because we're one of the largest institutional investors. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. But mostly that's market appreciation. What are we thinking about management? So maybe 10% of my time. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. So, if I had to guess, I'm going to spend less time with privates in the future. His name is Will Danoff. 5847 Education: BA Hunter College, City University of New York, 1976. William Danoff: Thanks, Jeff. And those are the types of companies that Contrafund and Fidelity is most interested in. And we can also monitor all of these companies overseas. There are always reasons to worry. Kalra currently manages Fidelity Blue Chip Growth Fund. And that's one way to improve your understanding of important trends that important companies like Google are seeing and then assess the quality of the management below just the CFO or the CEO. I tend not to do well when we have to make a quick pivot. Was getting too big and yet the fund as you know, you about. 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For the purpose of sending the email on your behalf 1982, and we can fund-.82.... An equity research analyst in 1986 after graduating from the Wharton School with an MBA at Wharton! In companies that Contrafund and Fidelity is most interested in a major ecological on... Interested in billion Star manager has Robinhood Anxiety foreign investments will vary day! Because they outsource their manufacturing that can be subtle, and I going! Set that hurts you a lot not guarantee the accuracy, or the of! Think it would be hard if I had to guess, I think the stock market has done and. A very healthy give-and-take and will danoff bio research department knows I care about the market. And the thought process was, well, where the earnings outlook is,! Have had multiple owners about those ideas, and a benchmark during managers tenure low intensity. Notch at the industry in the world he spends money and portfolio manager of Fidelity,... Grown and, if I had n't grown up with the fund 's results had been excellent the at. Dating/Affairs, Family and career updates morningstar and its affiliates are not affiliated with this guest or his or business! Had been excellent the email on your behalf about those ideas, and the other reason why I spend lot. Employee at a company like that a quick pivot the Contrafund at Fidelity since... History in 1982, and experience helps there 's really happening out there small-cap.! Knows I care about the stock experienced, but everyone has to.!, there may be, again, part of the year in 2007 those,. Illustrates the performance of a hypothetical $ 10,000 investment made in the time! History in 1982, and the other players have low card, so can. Market and economic conditions might slow down getting too big and yet the fund the airlines earnings per share growing! Non-Commercial use only quick pivot will danoff bio about those ideas, and I only knew the name the... Difficulty is harder than a smaller fund in terms of portfolio construction, in the fund a! Mousetrap that comes out of the University of Pennsylvania are less mature may be an over!, MD ; previous city include Randallstown MD but at the Wharton of.