His office accepts new patients. Finally, we'd love to get your feedback. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. Wed like to share more about how we work and what drives our day-to-day business. Sep 19, 2020, 5:13 AM. The band recorded for John Denver's Windsong label. 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. I am trying to reduce my turnover. And I think 150,000 people went to the conference over a week in San Francisco, and I was just blown away by the enthusiasm of the employees and the customers, and that can be priceless in terms of your appreciation of the strength of a franchise. 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. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. (2008) and Bloodrunners (2017). 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? At some point, somebody said, You really should go to a lunch and meet Ryanair. And I said, Really? And they're the low-cost operator in Europe. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. And they were a relatively small player with a differentiated product and mostly selling balances to labs. I'm aware of my positions. But everybody worries about everything. Learn How rich is He in this year and how He spends money? So I ran into at about 12:35, and there was an empty seat, and I sat down. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Drew Angerer/Getty Images. He runs Fidelity's Contrafund. 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. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. I prefer improving stories where I can double down if things get even better. Contrafund currently is heavily invested in technology. So, I'd say my emotional coefficient has improved. William Danoff was born on 1960. And I only knew the name of the company. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And the entrepreneur and founder is able to build a team, and I think before it's all over, maybe it will be wise to wait until the company is public. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. S&P 500 And whether that informs the way you manage the portfolio. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. That includes . 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 again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. All investments are subject to investment risk, including possible loss of principal. Please see additional standard performance information. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. 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. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. Or do you just keep that to yourself? Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 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. 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. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. But the real key is not just to hear the story but to follow up. I'm leveraging your industry expertise. For a long time, I was a little late to the software-as-a-service sector. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. 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 long view has to be that equities are going to perform better than bonds for the foreseeable future. But you and your listeners--you're sophisticated investors. Our guest this week is Will Danoff. 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. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. Do you wait for good phase 3 data? Do you wait for FDA approval? 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. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Beating the market isn't easy. As of July 2018, the fund has continued its outperformance over the S&P 500. Contrafund is so large (about. And I've been with the Contrafund for 29, almost 30 years. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. We sell different types of products and services to both investment professionals and individual investors. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. I think the book of business is about $185 billion now, maybe a little higher. Thanks for joining us on The Long View. 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. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. 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. 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. It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. Over the past year through February 11, Contra returned 27.6%,. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: Danoff: Yeah, Jeff and Christine. 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. I've invested less over the last year or two than I feel like I did earlier on. By using this service, you agree to input your real email address and only send it to people you know. He served as portfolio assistant for the Magellan Fund. I respect you. She was previously married to Bill Danoff. 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. And I'd say that we have meetings with these managements just like the other large institutions. But, you know, what we've all learned is we want to make sure that the management team is particularly special. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. They made some mistakes and learned from their mistakes. 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. Adam Danoff net worth is $900,000. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. 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. I mean Fidelity is an unbelievable organization. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Bill Danoff Family Background & Career. 5 stars. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. I do think also with technology and the Internet that bigger companies are executing better. And those are the types of companies that Contrafund and Fidelity is most interested in. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. The older mind is not as nimble as the younger mind. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And so, one has to be very careful. 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. No patient rating & comments. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. 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. Danoff: That's a great question, Christine. Danoff: Yeah, no, it's a combination, Jeff. Will Danoff is one of the best stock investors in the world. But I would say capacity is one that I think a lot about. [2] Eclipsing the market over decades is astonishing. he is one of famous Financial professional with the age 62 years old group. 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. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. 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. Ptak: Well, I think that we could talk to you and ask questions of you for hours. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. he is one of famous Singer with the age 75 years old group. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Opinions expressed are as of the date of recording. 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. 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. Please see additional standard performance information. And I don't want it to fall by the wayside. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . Go to YouTube and hear the story. 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 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. I do think there are owner/operator management teams that tend to do the right thing over time. Why? But mostly that's market appreciation. How did the new acquisition in Europe go? The cheap stock reflects how F-Prime . And, if I had to guess, I think that trend might slow down. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. 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? 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. I mean, Apple is the largest company in the world; they're very profitable. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. TOP 2.5%. Call to Schedule. Permanent link And do you expect that to ramp up further in the future? And I've added value relative to the index. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. I think it would be hard if I hadn't grown up with the fund. Danoff: I'm not sure of the percentage, Christine. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And it's just a matter of finding those companies. Off to analysts 139 billion in year or two than I feel like I did earlier on Joel! 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