But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Danoff manages Fidelity's Contrafund and has for over thirty years. 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? 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. Why are you here? And often there is a story to be told, and they want to express it to potentially large shareholders, and sometimes there is a subtext, and you've got to try to anticipate what are the other person's objectives. And the name of this show is The Long View. Jeff Ptak is an employee of Morningstar Research Services LLC. 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. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More This chart is not intended to imply any future performance of the investment product. When he was just 15 years old, he created his first original song and produced it on his own. 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. I'm leveraging your industry expertise. Or do you play to your strengths and just put all your energies into what you're good at? I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 14. 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? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. 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. But there's always controversy. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Also learn how He earned most of networth at the age of 31 years old? They've got their EarPods, they've got an iPad, they've got a computer. Life is such that clearly all the new growth initiatives won't meet expectations. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. Ptak: Well, I think that we could talk to you and ask questions of you for hours. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. Please see additional standard performance information. 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 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. I am trying to reduce my turnover. Do you wait for, God forbid, revenue and profit? Danoff: That's a great question, Christine. And I said, I have to go to this presentation. And to monitor what's happening. 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. So Hey, that sounds really good. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). For a long time, I was a little late to the software-as-a-service sector. And I went to a lunch in the mid to early 90s. William Danoff was born on 1960. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Turnover is maybe 35%. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. William Danoff is currently vice president at Fidelity Investments. 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. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. [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". The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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? We're thrilled to have him as our guest. 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. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. 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. 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. 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 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. We recommend you to check the complete list of Famous People born on . But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. Danoff: Yeah, that's a really good question, Christine. And I'd say that we have meetings with these managements just like the other large institutions. And we talked about the long view. Adam Danoff net worth is $900,000. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. How we use your information depends on the product and service that you use and your relationship with us. So, I'd say it's a very healthy give-and-take and dialogue. And so far, we've done well. Thank you again, so much, for joining us on The Long View. 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 as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. I think it would be hard if I hadn't grown up with the fund. But I have experience. Low interest rates have created certain distortions in valuation. And Danoff "doesn't exhibit any signs of weariness or burnout," says Lowell. So, you know, I do have a lot in technology. And we can also monitor all of these companies overseas. Past performance is not a guarantee of future results. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 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. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. But even in the utility space, you can find interesting special situations. We've detected you are on Internet Explorer. Are you content to really to try to hit for average, come what may? So, I went, and I was really excited about the story. In the biotech area--I took biology 40 years ago--so, I am way out of date. Danoff: That's a really good question, Christine. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. So, it's a little easier. Our guest this week is Will Danoff. 30 years of managing Fidelity Contrafund. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. And, you know, I would say this business is sort of like a poker game. Danoff: That's a really good question, Jeff. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Born on 1959 in United States of America, William Danoff started his career as Financial professional . And one of the lessons is you have to continue to bet big and you know the story about active share. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Dudley S. Danoff, MD. And the executive said, You know, we're not really competing with the airlines. Excited to be here. 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. I respect you. 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? Masters in Business. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. Fidelity does have a massive staff of analysts. My denominator is so big that it's not that easy to find really great stories at scale."[4]. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. Will Danoff is one of the best stock investors in the world. 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 wait for good phase 3 data? The Fidelity Contrafund is a large-cap growth fund with $139 billion in . March 2, 2021. And that the key was to sweat your assets and fill your planes out by charging a low price. 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. 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. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. And that often is hard for managements that have done so well. On the other hand, you do have to find the right balance in life. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. But the real key is not just to hear the story but to follow up. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. William Danoff was born on 1960. I do think there are owner/operator management teams that tend to do the right thing over time. But I would say capacity is one that I think a lot about. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. Investments in foreign securities involve greater risk than U.S. investments. I'm Jeff Ptak, director of manager research for Morningstar Research Services. (2008) and Bloodrunners (2017). And now people have two devices. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decision.). [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. It sounds like that's personality-driven--that you like to dive into those details yourself. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). How did the new acquisition in Europe go? Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. That clearly all the new growth initiatives wo n't meet expectations the of! Including William a Danoff and will Danoff for an will danoff bio for a second opinion and biopsies. Quot ; says Lowell balance in life first original song and produced it on own. Space, you know, I would say capacity is one that think..., harder groups to understand what 's really happening out there really great stories scale. Really excited about the story check the complete list of Famous People born on 1959 in States. 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