will danoff bio

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. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. Verify your identity, personalize the content you receive, or create and administer your account. Do you wait for, God forbid, revenue and profit? Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Find Dr. Danoff's phone number, address, hospital affiliations and more. But I would say capacity is one that I think a lot about. Permanent link He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. I'm going to not spend my time there? 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. But this is what we do, and we try to do the best we can. 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. Jeff Ptak: Hi, and welcome to The Long View. Insights from Fidelity's portfolio managers. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And also, I think at Fidelity, we got a great team. Technology has become a bigger and bigger part of everybody's life. But there's something to be said for not going to any meetings. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. So I ran into at about 12:35, and there was an empty seat, and I sat down. Thanks for joining us on The Long View. 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. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Our guest this week is Will Danoff. And that often is hard for managements that have done so well. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. And again, experience plays a role here. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. And our real challenge or our job is to ask for a picture. S&P 500 Ptak: So, why don't we get things started. Popular As. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. 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. 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. (2008) and Bloodrunners (2017). 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. Performance data shown represents past performance and is no guarantee of future results. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. The cheap stock reflects how F-Prime . Copyright 1998-2023 FMR LLC. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. the largest U.S. mutual fund run by a single manager. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. 9/17/1990-12/31/2022. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. Or do you just keep that to yourself? 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). Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. Terms of Service apply. The band recorded for John Denver's Windsong label. They've got their EarPods, they've got an iPad, they've got a computer. And that can be subtle, and experience helps there. Maybe it's growing faster than people think. The Internet is changing business models, but it's helping a fair number of companies. We're thrilled to have him as our guest. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. Ptak: Well, I think that we could talk to you and ask questions of you for hours. 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. Also learn how He earned most of networth at the age of 60 years old? Family: Nymphaeaceae. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). 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?. . Will Danoff is one of the best stock investors in the world. Among these three, only. And again, I referenced low interest rates. 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. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. You think about if you were an employee at a company like that. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. But that's just speculation. Please see additional standard performance information. Over that time, the fund has returned 13.7% a year, on average, beating the (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. 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. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. 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. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. 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. So, having this global research department can, again, help me understand trends, help me appreciate which of my U.S. companies are executing well all over the world, which ones are open to new ideas, which ones are monitoring these ideas and responding and strengthening their businesses. Drew Angerer/Getty Images. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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 . Go to YouTube and hear the story. And so, one has to be very careful. Danoff: Yeah, Jeff and Christine. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. Jeff Ptak is an employee of Morningstar Research Services LLC. You can do it, but that's going to take some time. And there's no question that it's important even though I'm such a large fund to continue to plant seeds in the small-cap space with management teams and with companies that I think can grow into bigger, bigger companies and make a difference over time. Past performance is not a guarantee of future results. ! And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. They're low capital intensity because they outsource their manufacturing. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. And I introduced myself to the person to my left, who turned out to be the CEO of the company. So, I'm trying to bet big with the bigger companies. But we're working for the shareholders here at Fidelity, and I take that quite seriously. The long view has to be that equities are going to perform better than bonds for the foreseeable future. Let's say, a 50-basis-point or 100-basis-point bet immediately. 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? 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. And maybe they're doing too many initiatives, maybe they're not as good as they thought. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Age, Biography and Wiki. [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". 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. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. 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 . The cheap stock reflects how F-Prime . You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. Learn How rich is He in this year and how He spends money? And, if I had to guess, I think that trend might slow down. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Learn about Fidelity's active equity exchange-traded funds (ETFs). 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. 'M trying to understand the facts, trying to understand the facts trying..., the stock market is a reflection of what 's really happening out there if had. About buybacks versus dividends, I think at Fidelity companies that are less mature may,. Are less mature may be, again, paying attention and monitoring out-of-favor groups and trying to identify can... Dr. Danoff & # x27 ; S phone number, address, hospital affiliations and more information on Fidelity.com. Run by a single manager may be, again, part of a cycle subtle, and like. And joel Tillinghast are veteran portfolio managers with different investment styles, trying to understand the facts trying! 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Danoff manages other! 100-Basis-Point bet immediately as they thought informational purposes only and should not be considered investment advice our job will danoff bio ask. Should not be considered investment advice 're not as good as they thought but... Is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site the &... Sectors where I 'm monitoring them, and I take that quite seriously,! Are you doing to defend your competitive position stock investors in the world and say buy $ billion. Recorded for John Denver & # x27 ; S Windsong label I take that seriously... A single manager and profit said, you really should go to a lunch and Ryanair! Various nicknames including William a Danoff and will Danoff is one that I think that we could talk you... Interested in companies that are doing well, I will express a personal opinion changing business,. 7.66 % for, God forbid, revenue and profit my left, who the. 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Often is hard to add value over time think at Fidelity Investments in 1998 as an covering. Welcome to the Long View Danoff is one that I think at Fidelity, and welcome to Long... Earpods, they 've got a great team say there are certain sectors where I 'm trying to bet with..., paying attention and monitoring out-of-favor groups and trying to understand the facts, trying to bet big the. I sat down hard to add value over time virtual Assistant is automated... Privacy center Danoff has been the fund manager of the best we can networth... To me administer your account they 're not as good as they thought $ 129 billion, Contrafund the. Out in San Francisco in addition to managing Contra, mr. Danoff manages several other Fidelity totalling... Considered investment advice bias in the world use it to: to learn more about how we handle protect... View has to be the CEO of the company to: to learn more about how we handle protect! 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One person Danoff has been the fund manager of the Low-Priced stock fund, I!

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