Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. I'm Jeff Ptak, director of manager research for Morningstar Research Services. But capacity is what it is--that was a decision that I didn't make. Our guest this week is Will Danoff. Danoff manages Fidelity's Contrafund and has for over thirty years. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. Danoff: Yeah, that's a really good question, Christine. 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. 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. 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. 5847 Education: BA Hunter College, City University of New York, 1976. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Opinions expressed are as of the date of recording. Excited to be here. And that, for me is what's so exciting about working at Fidelity that we're seeing all these new companies that are going public, we're seeing the spin outs. You can help Wikipedia by expanding it. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. 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. Start your review of Dudley S Danoff, MD. Also learn how He earned most of networth at the age of 60 years old? And if you haven't seen it, it's a very good letter. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Do you wait for good phase 3 data? 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. 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 . 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.). 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 our real challenge or our job is to ask for a picture. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. At the helm of Fidelity's Contrafund,. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And the executive said, You know, we're not really competing with the airlines. Since he took over on Sept. 17, 1990 . [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . This is sort of who I am. And I went to a lunch in the mid to early 90s. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 269. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. Will Danoff is one of the best stock investors in the world. She was previously married to Bill Danoff. Drew Angerer/Getty Images. 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. 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. Often, that executive will figure out what they want to do for six months. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. 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. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. He has been married to Joan Grbach since 1988. 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. Benz: So, you've mentioned circle of competence a couple of times. No patient rating & comments. Scientific Name: Nymphaea Odorata Ait. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. The managers are less experienced, but everyone has to hustle. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. And, if I had to guess, I think that trend might slow down. On the other hand, you do have to find the right balance in life. Because, I think, the return on equity for the average S&P 500 company is close to 20%. Eclipsing the market over decades is astonishing. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. Until next time, thanks for joining us. But we're working for the shareholders here at Fidelity, and I take that quite seriously. Danoff: That's a really good question, Christine. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. 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. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. 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 Danoff: That's a really good question, Christine. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? 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. 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 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. Thank you again, so much, for joining us on The Long View. Jeff Ptak: Hi, and welcome to The Long View. 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. The band recorded for John Denver's Windsong label. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. And that the key was to sweat your assets and fill your planes out by charging a low price. 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. In the biotech area--I took biology 40 years ago--so, I am way out of date. Read our editorial policy to learn more about our process. 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. I am trying to reduce my turnover. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Copyright 2023 Morningstar, Inc. All rights reserved. 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. And I'm constantly looking for better ideas. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. 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