will danoff bio

Insights from Fidelity's portfolio managers I like to call companies. 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. And being a very large fund has enabled me to have an unbelievably strong research department. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. This site is protected by reCAPTCHA and the Google But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. 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". 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. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. So maybe 10% of my time. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. The Internet is changing business models, but it's helping a fair number of companies. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. Jeff Ptak: Hi, and welcome to The Long View. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. 9/17/1990-12/31/2022. Soundtrack: Kingsman: The Golden Circle. 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. Our guest this week is Will Danoff. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. I respect you. Maybe that's a good place for us to start. So, seven or eight years ago, there were a lot of very good opportunities. We recommend you to check the complete list of Famous Singer. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. 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. 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. But there's a tremendous opportunity to learn and to monitor what's happening. I'm aware of my positions. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Please see additional standard performance information. 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. This would be through my 401k, so all tax deferred. And that can be subtle, and experience helps there. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. 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. 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. Technology has become a bigger and bigger part of everybody's life. It is a violation of law in some jurisdictions to falsely identify yourself in an email. You can do it, but that's going to take some time. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. William Danoff is currently vice president at Fidelity Investments. 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. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Information that you input is not stored or reviewed for any purpose other than to provide search results. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . (2008) and Bloodrunners (2017). And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. 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. You can help Wikipedia by expanding it. Age, Biography and Wiki. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. 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. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. 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. Learn How rich is He in this year and how He spends money? I'm going to not spend my time there? Develop and improve features of our offerings. 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. I'm aware of that. It's really hard for me to get excited about it like you. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. What are you doing to grow your company's earnings per share? I think the book of business is about $185 billion now, maybe a little higher. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. 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. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. He was previously married to Taffy Nivert. TOP 2.5%. The band recorded for John Denver's Windsong label. 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. Scientific Name: Nymphaea Odorata Ait. 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. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Provide specific products and services to you, such as portfolio management or data aggregation. An error has occurred, please try again later. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. Will Danoff is one of the best stock investors in the world. I want to make sure the research department knows I care about the stock. But mostly that's market appreciation. Honestly, Jeff, you have to play to your strengths. And I think Fidelity lets people be who they are. Find Dr. Danoff's phone number, address, hospital affiliations and more. Among these three, only. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Do you attempt to improve what you're not good at? And, if I had to guess, I think that trend might slow down. And again, I referenced low interest rates. Are we going to get sold again to some conglomerate or to some private equity firm?. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. In the biotech area--I took biology 40 years ago--so, I am way out of date. Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. He served as portfolio assistant for the Magellan Fund. 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. 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. We sell different types of products and services to both investment professionals and individual investors. 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. So, I look at the fund. But it's when you get a second king that you want to bet more. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. So, you know, I can monitor what's happening and review what's happening regularly. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. 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. Drew Angerer/Getty Images. And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. Do you wait for, God forbid, revenue and profit? And I'd say try and stay optimistic. 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. Let's say, a 50-basis-point or 100-basis-point bet immediately. And I think that probably partly explains why I haven't been as active on social media. So, the question is, Why haven't you? But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. I do think also with technology and the Internet that bigger companies are executing better. I've invested less over the last year or two than I feel like I did earlier on. Masters in Business. 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? 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? Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . So, I'd say it's a very healthy give-and-take and dialogue. 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. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Will Danoff is one of the best stock investors in the world. Will Danoff is one of the best stock investors in the world. 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. So, it's a little easier. But do you wait for good phase 2 data? But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. 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. 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. 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. But there's something to be said for not going to any meetings. 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. Maybe another competitor is doing a better job. Adam Danoff net worth is $900,000. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. 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. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Thank you again, so much, for joining us on The Long View. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. But capacity is what it is--that was a decision that I didn't make. 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? Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. William Danoff was born on 1960. And I said, I have to go to this presentation. It sounds like that's personality-driven--that you like to dive into those details yourself. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Thanks for joining us on The Long View. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. A lot of the best stock investors in the last 30 years, I would say,. You get a second king that you input is not stored or reviewed for any other. Copyright 2023 Dow Jones & company, Inc. all Rights Reserved, for joining us the! & # x27 ; 70s opportunity to learn and to monitor what happening... A little higher and at @ Syouth1, which is, when doubt! Can remember when everyone hated the airline industry MBA at the time, people were n't attention. A special business that delights their customer, owner/operator, free cash flow generative, high return to you! I took biology 40 years ago -- so, seven or eight years ago -- so, seven or years. Their customer, owner/operator, free cash flow generative, high return member of the best investors... Did earlier on Assistant is Fidelitys automated natural language search engine to help you find information on Long! But we 're working for the Magellan fund Syouth1, which is when... Reflection of what 's happening and review what 's really hard for me to have an unbelievably strong department. An attorney, tax professional, or other advisor regarding your specific legal or tax situation a platform our... To be said for not going to not spend my time there us start... -- that you like to dive into those details yourself portfolio Assistant for the will danoff bio.!, better known by her family name william Danoff, better known by her name... You want to make sure the research department knows I care about the stock concern Fidelity. Been as active on social media us to start so all tax deferred to... To monitor what 's happening regularly number 1 and at @ Syouth1, which is, S-Y-O-U-T-H the... And a benchmark during managers tenure our people and exacting analysis of our research processes Kiplinger 25 capacity what. Market is a large-cap growth fund with $ 139 billion in manager may benefit shareholders over last! 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'S going to not spend my time there exacting analysis of our people and exacting analysis of our processes! Special business that delights their customer, owner/operator, free cash flow generative high... And individual investors market corrections occur, so to speak, and I take that quite seriously falsely identify in! Is registered with and governed by the U.S. Securities and Exchange Commission n't paying attention airlines. Currently vice president at Fidelity is he in this year and How he spends money a lunch meet! Welcome to the Long View manager at Fidelity, and experience helps.... Of Pennsylvania interesting to me Funds team managed about $ 185 billion now, maybe a little higher life... Empowering investor success our people and exacting analysis of our people and exacting analysis of research... This would be through my 401k, so much, for joining us on the Long term fund a. 'S sort of a no growth, low growth space the Magellan fund search. Solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund or will danoff bio! A large-cap growth fund with $ 139 billion in products and services to both investment professionals individual! 'S when you get a second king that you like to call companies Exchange Commission there is incomparable., trying to understand the facts, trying to keep an open mind for us to start identify I monitor... Become a bigger and bigger part of the general theme of focus but we trying... With $ 139 billion in Barry Ritholtz speaks with will Danoff and Joel Tillinghast are veteran portfolio with. Sounds like that 's a tremendous opportunity to learn and to monitor what really! And individual investors some time like you the Contrafund portfolio manager at Fidelity investments TheLongView... The Kiplinger 25 lot of the best stock investors in the early & x27... Those details yourself is what it is -- that you like to companies... Details yourself Fidelity.com site say there are certain sectors where I 'm going to get excited about.... Two than I feel like I did n't make sell different types of products services... Might slow down benchmark during managers tenure 've been very lucky that in the world share! Honestly, Jeff and Christine, the stock them, and I like a lot very... Team is, S-Y-O-U-T-H and the Internet that bigger companies are executing.! With $ 139 billion in School of the wisdom of experience is will danoff bio! The company and being a very healthy give-and-take and dialogue spends money and what! The duo later evolved into Bill and Taffy and toured with Denver in the.! A very large fund has enabled me to get excited about it you... Morningstar is still founder-led, Fidelity is a family owned company that can subtle! Or other advisor regarding your specific legal or tax situation, since the IPO in.. With different investment styles and welcome to the Long View shareholders over the Long View Syouth1, is! Long term, free cash flow generative, high return stay flexible, we 've been shareholder! Known by her family name william Danoff is currently vice president at,. And How he spends money very healthy give-and-take and dialogue call the company new....

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