will danoff bio
I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. And I was going to as many meetings as I could and just wanting to learn as much as I could. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. It is not possible to invest in an index. 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. 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. Taffy Nivert. Danoff: That's a really good question, Christine. 269. Family: Nymphaeaceae. 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. 9/17/1990-12/31/2022. And I've been with the Contrafund for 29, almost 30 years. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Please see additional standard performance information. In the biotech area--I took biology 40 years ago--so, I am way out of date. Danoff: That's a really good question, Jeff. His name is Will Danoff. He subsequently . And they've just kept executing. Information that you input is not stored or reviewed for any purpose other than to provide search results. Do you wait for good phase 3 data? 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 I went to a lunch in the mid to early 90s. 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. Life is such that clearly all the new growth initiatives won't meet expectations. If you think ABC Company is the best in your group, I'm willing to accept that. So I would say they're higher risk. The cheap stock reflects how F-Prime . I want to make sure the research department knows I care about the stock. He's beat large-cap growth by 400 basis points. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . And that often is hard for managements that have done so well. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. And so far, we've done well. And being a very large fund has enabled me to have an unbelievably strong research department. Among these three, only. So that's the other reason why I spend a lot of time going to these meetings. And we can also monitor all of these companies overseas. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. I respect you. S&P 500 And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Mr. And I only knew the name of the company. Find Dr. Danoff's phone number, address, hospital affiliations and more. 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. Eclipsing the market over decades is astonishing. 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. But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Develop and improve features of our offerings. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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: He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. Listen and subscribe to Morningstars The Long View from your mobile device. 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 Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Our guest this week is Will Danoff. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. And so, one has to be very careful. 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. Copyright 2023 Morningstar, Inc. All rights reserved. Owen Danoff was born in Washington, United States. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? So nowadays that can all be done electronically, immediately. 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. During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. His office accepts new patients. These are behemoth companies. Honestly, Jeff, you have to play to your strengths. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. Even in energy, which is way out a favor right now, there may be an opportunity over time. 5847 Education: BA Hunter College, City University of New York, 1976. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 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. He runs Fidelity's Contrafund. But partly, it's just this opportunity. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. 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. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. I'm considering fcntx- fidelity contra fund- .82 ER. Consistently outperforming the market is very hard. I'm aware of that. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . To make it into the starting lineup is not easy. 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. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. 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. 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. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. 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. Danoff: That's a really good question, Christine. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Sep 19, 2020, 5:13 AM. 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. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. 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. He's beat the S&P 500 300 basis points. So, I look at the fund. And I think as human beings, it's a lot easier to do the latter. But I have experience. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. 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. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. 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. 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. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. 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. But there's something to be said for not going to any meetings. You think about if you were an employee at a company like that. This would be through my 401k, so all tax deferred. I mean, Apple is the largest company in the world; they're very profitable. 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. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. But there's a tremendous opportunity to learn and to monitor what's happening. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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: 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? William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. William Danoff is currently vice president at Fidelity Investments. So, seven or eight years ago, there were a lot of very good opportunities. And I'd say that we have meetings with these managements just like the other large institutions. By using this service, you agree to input your real email address and only send it to people you know. 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. 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. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. 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". 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 . 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?. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. For a long time, I was a little late to the software-as-a-service sector. March 2, 2021. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. But if they don't, what are we learning from that? This article about an American businessperson born in the 1950s is a stub. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. he is one of famous Singer with the age 75 years old group. Such opinions are subject to change. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. 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? All investments are subject to investment risk, including possible loss of principal. I tend not to do well when we have to make a quick pivot. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. This site is protected by reCAPTCHA and the Google 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 . 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. 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. We're thrilled to have him as our guest. Born on 1959 in United States of America, William Danoff started his career as Financial professional . But mostly that's market appreciation. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. And the thought process was, Well, we have industry expertise, we have company expertise. He is affiliated with Cedars - Sinai Medical Center. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. A lot depends on how the markets go. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. And if you're working all the time, then you're probably missing what's happening in the world. I'm leveraging your industry expertise. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. Will. Danoff: That's a great question, Christine. The band recorded for John Denver's Windsong label. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. Scientific Name: Nymphaea Odorata Ait. There are large-cap companies that are in a growth mindset that, even though they're large, can continue to generate a lot of shareholder value. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. 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.