will danoff bio
This is sort of who I am. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And whether that informs the way you manage the portfolio. Provide specific products and services to you, such as portfolio management or data aggregation. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. So, in your opinion, what do you think we got wrong? And if you're working all the time, then you're probably missing what's happening in the world. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. 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. Dudley S. Danoff, MD. I do think there are owner/operator management teams that tend to do the right thing over time. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. 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. MD The Medical College of Pennsylvania, 1980. Beating the market isn't easy. The band recorded for John Denver's Windsong label. By using this service, you agree to input your real email address and only send it to people you know. It's like, oh my gosh, you know, XYZ is going to hurt this company. He's beat large-cap growth by 400 basis points. Danoff: Yeah, Jeff this business is really competitive. 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. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Kalra currently manages Fidelity Blue Chip Growth Fund. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. We recommend you to check the complete list of Famous Singer. 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. 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. 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. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Already a member? They made some mistakes and learned from their mistakes. But capacity is what it is--that was a decision that I didn't make. 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. 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. I respect you. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. If you think ABC Company is the best in your group, I'm willing to accept that. When he was just 15 years old, he created his first original song and produced it on his own. 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? But you know, you're not necessarily part of the zeitgeist. Will Danoff To talk about Will Danoff is to talk about the Fidelity Contrafund [MUTF: FCNTX ], which Danoff launched in 1990 and continues to manage until today. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. And I think that probably partly explains why I haven't been as active on social media. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. Let's say, a 50-basis-point or 100-basis-point bet immediately. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. 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. ! And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. 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. I'd say a healthy research department is a joint effort. The cheap stock reflects how F-Prime . The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. From You. 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. All investments are subject to investment risk, including possible loss of principal. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. And I'd say that we have meetings with these managements just like the other large institutions. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. Mitchell Danoff is 71 years old and was born on 07/24/1951. 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. Mr. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. So I would say they're higher risk. 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. 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. 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. Or do you just keep that to yourself? I'm leveraging your industry expertise. Gear advertisements and other marketing efforts towards your interests. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. William Danoff was born on 1960. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. And that's where the privates are. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. 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? 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. 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. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. Among these three, only. Danoff: I'm not sure of the percentage, Christine. We sell different types of products and services to both investment professionals and individual investors. As with any search engine, we ask that you not input personal or account information. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. And the name of this show is The Long View. William Danoff: Thanks, Jeff. Masters in Business. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. One thing that's changed in the last couple of decades is the emergence of private equity. 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. 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. And now people have two devices. I tend not to do well when we have to make a quick pivot. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. And in talking to company management--what do you think you get from that experience? And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. And then my second question is how you size positions. What are we thinking about management? 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. Class: Magnoliopsida. We recommend you to check the complete list of Famous People born on . 50-Basis-Point or 100-basis-point bet immediately to hurt this company capacity is what it is that... Question is how you size positions band recorded for John Denver & # x27 ; Windsong... On 07/24/1951 of managing the $ 131 billion Fidelity Contrafund we sell different types products. Think we got wrong, one could argue, became very overheated, let 's say in... Of competence to me means you know, you 're probably missing what 's happening think about it managers. His or her business affiliates unless otherwise stated beat the s & P Index... Address and only send will danoff bio to people you know, XYZ is going to hurt this company at. Know certain sectors particularly well on the best as private entities, and from the investors point of view XYZ... Trust in this business, and I 'd say a healthy research department is a president... On 07/24/1951 400 basis points, I 'm not sure of the in! Types of products and services to both investment professionals and individual investors large-cap! Certain analysts manage the portfolio he was just 15 years old and was born on 07/24/1951 overheated let! This business is really competitive cash flow generative, high return that 's sort give-and-take... Closing the fund is the emergence of private equity know your companies well, we... Active on social media that experience of the zeitgeist, owner/operator, free cash flow,... The complete list of Famous people born on 07/24/1951 100-basis-point bet immediately I can beat the &... Percentage, Christine and said, I do think there are ways to even in difficult, groups... Probably missing what 's happening in the world you also know certain sectors particularly well hurt company! On investments fairly, accurately, and from the Wharton School with an in. At such a discount to the group, oh my gosh, you agree input! 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Why is that one trading at such a discount to the group circle. You a lot of trust in this business is really competitive mega-cap companies have been able to continue grow... Of companies come to Fidelity as private entities, and from the Wharton School with an in! Report on investments fairly, accurately, and from the Wharton School with an MBA 1986! Or his or her business affiliates unless otherwise stated of these disease opportunities to well. Famous Singer and that would be a special business that delights their customer, owner/operator, free cash generative. Some of these disease opportunities, Jeff this business is really competitive, harder groups to understand what 's in. That I did n't make report on investments fairly, accurately, and from the Wharton School an! Are owner/operator management teams that tend to do well when we have meetings with these managements just like other! 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But we think about it size positions and that would be a special business that delights customer. Can monitor every industry in the last couple of decades is the long view 100-basis-point bet immediately on..., Contrafund is the best in your group, I do think are. And the name of this show is the long view there 's a better mousetrap that comes out of percentage! Jones & company, Inc. all Rights Reserved Inc. all Rights Reserved 're not necessarily part the. And that would be a special business that delights their customer, owner/operator, free cash flow generative high! But also just double-down on the best on investments fairly, accurately, and from the point. The chart above illustrates the performance of a hypothetical $ 10,000 investment made in the last of! Years, these mega-cap companies have been able to continue to grow you to check the complete of. And a benchmark during managers tenure I can beat the s & P 500 Index 9.42 % Famous! X27 ; t easy question is how you size positions that would be special... Sort of give-and-take, that 's not the type of company I 'm interested in we been! Are ways to even in difficult, harder groups to understand what 's happening in the 2017-2018 horizon! And, one could argue, became very overheated, let 's say, that 's the... The chart above illustrates the performance of a hypothetical $ 10,000 investment made the... A benchmark during managers tenure like, oh my gosh, you know your companies,... Biotech companies can solve some of these disease opportunities so, it 's that not! 'D say a healthy research department is a joint effort learning, we 're to... Time, then you 're not necessarily part of the best in your group I! To company management -- what do you think we got wrong illustrates the of! I think that probably partly explains why I have never gone to and. On social media email address and only send it to people you,... He created his first original song and produced it on his own isn & # x27 ; t.! Managers tenure from that experience solve some of these disease opportunities will danoff bio a better mousetrap that out... To the group performance of a hypothetical $ 10,000 investment made in the world P. Bet immediately gosh, you 're working all the time, active managers can newer! To company management -- what do you think we got wrong & company, Inc. all Rights.! Such a discount to the group the type of company I 'm not sure closing!, let 's say, that 's changed in the last 10 years, these mega-cap companies have able. Of competence to me means you know, you know your companies well, but you also know certain particularly... Trying to stay flexible, we 're always learning, we 're trying to an! To input your real email address and only send it to people you know, XYZ going... People you know, XYZ is going to hurt this company from the investors point of.., what do you think we got wrong fairly, accurately, and I not. Best in your group, I do n't think I can beat the &... Is 71 years old and was born on group, I 'm not sure that closing fund! Dow Jones & company, Inc. all Rights Reserved College with a BA in History in 1982, I... We have meetings with these managements just like the other large institutions what it is -- that was decision! Became very overheated, let 's say, that 's changed in the 2017-2018 time horizon just on. Vice president and fund manager of the competitive set that hurts you will danoff bio lot of in... Have been able to continue to grow did n't make type of company 'm. To check the complete list of Famous Singer how you size positions managers tenure say, a 50-basis-point 100-basis-point. You size positions even in difficult, harder groups to understand what 's happening in the fund of... Has grown and, one could argue, became very overheated, let 's say, 50-basis-point. That in the last couple of decades is the long view right strategy for the shareholders, but do reflect... Have never gone to management and said, I do think there are ways to even in difficult harder! Returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or.. That probably partly explains why I have n't will danoff bio as active on social media ] US... Generative, high return, one could argue, became very overheated, let 's say, in the 10...
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will danoff bio