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, I try to stay within my own circle of competence. So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. 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. 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. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. He has been married to Joan Grbach since 1988. The managers are less experienced, but everyone has to hustle. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. Contrafund currently is heavily invested in technology. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. 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. 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. So Hey, that sounds really good. We recommend you to check the complete list of Famous Singer. Opinions expressed are as of the date of recording. Identification: Nymphaea odorata is an aquatic perennial plant. Important legal information about the email you will be sending. But I think I can do it. So, I'd say my emotional coefficient has improved. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Danoff received 46,154 Alibaba shares that cost $3,432, or 7 cents apiece, according to an annual report filed by his family's private charitable foundation. But I would say capacity is one that I think a lot about. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. And I've been with the Contrafund for 29, almost 30 years. 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. 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). 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. I want to make sure the research department knows I care about the stock. 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. And so, one has to be very careful. 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. Or do you play to your strengths and just put all your energies into what you're good at? Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Danoff: That's a great question, Christine. Already a member? To make it into the starting lineup is not easy. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . 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 . 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. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. 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 also, I think at Fidelity, we got a great team. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. Over the past year through February 11, Contra returned 27.6%,. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] March 2, 2021. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. 2. And I only knew the name of the company. Call to Schedule. What are you doing to grow your company's earnings per share? Do you wait for FDA approval? I am trying to reduce my turnover. And, if I had to guess, I think that trend might slow down. 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: So, I went, and I was really excited about the story. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. I hadn't really prepared, but I was just going to just learn about this new company. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 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 When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. MD The Medical College of Pennsylvania, 1980. The cheap stock reflects how F-Prime . You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. If you think ABC Company is the best in your group, I'm willing to accept that. 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 I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. But this is what we do, and we try to do the best we can. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. So, in your opinion, what do you think we got wrong? indexs 10.4%. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. 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. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. I'm going to not spend my time there? So, it's a little easier. Thank you again, so much, for joining us on The Long View. You know, these are very, very smart executives. 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. Ptak: So, why don't we get things started. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. I'm Jeff Ptak, director of manager research for Morningstar Research Services. 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? And now people have two devices. 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. Will Danoff is one of the best stock investors in the world. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. Fidelity does not guarantee accuracy of results or suitability of information provided. 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 like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. 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. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. So I ran into at about 12:35, and there was an empty seat, and I sat down. Why haven't you done those things? 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. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. He's a graduate of Harvard University and. There are obviously trade-offs. Thanks for joining us on The Long View. And that often is hard for managements that have done so well. Thanks for the help! Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Among these three, only. So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. I'm considering fcntx- fidelity contra fund- .82 ER. Do you attempt to improve what you're not good at? William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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.). 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. He has crossed all the competition over 30 years. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. And that can be subtle, and experience helps there. Learn about Fidelity's active equity exchange-traded funds (ETFs). . I think it would be hard if I hadn't grown up with the fund. So, you know, I can monitor what's happening and review what's happening regularly. And it's just a matter of finding those companies. Contrafund is so large (about. And hopefully small mid-cap companies can grow into bigger companies. 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. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. No patient rating & comments. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. Mitchell C. Indio, CA. So, I look at the fund. 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. Maybe it's growing faster than people think. 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 often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? You know, you think about the great Warren Buffett. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. William Danoff is currently vice president at Fidelity Investments. 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. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. 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. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. Fidelity Contrafund And that the key was to sweat your assets and fill your planes out by charging a low price. Genus: Nymphaea. How has that changed in the last few decades in which you've been running money? And I went to a lunch in the mid to early 90s. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. He served as portfolio assistant for the Magellan Fund. He subsequently . This would be through my 401k, so all tax deferred. 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. $ 138.9 billion ; about a quarter larger than Contrafund crossed all the competition over 30 years then! Can beat the s & P 500 are you doing to grow your company 's earnings share! 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