So that's the other reason why I spend a lot of time going to these meetings. 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. Life is such that clearly all the new growth initiatives won't meet expectations. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. And in talking to company management--what do you think you get from that experience? 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. The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. And do you expect that to ramp up further in the future? Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". But that's just speculation. 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 His name is Will Danoff. I have to explain that I've become a little stodgy in my old age. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. 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. But capacity is what it is--that was a decision that I didn't make. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. Danoff: That's a really good question, Jeff. How did the new acquisition in Europe go? I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. So, I'd say my emotional coefficient has improved. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. 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. And also, I think at Fidelity, we got a great team. 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. I'm working for the shareholders. Owen Danoff was born in Washington, United States. To make it into the starting lineup is not easy. No patient rating & comments. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. How high are expectations? In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. [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. 30 years of managing Fidelity Contrafund. And I'd say try and stay optimistic. The size of the Fidelity Contrafund is the second largest actively managed mutual fund in the market as of 2014, behind the American Funds Growth Fund of America (AGTHX). This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. 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. He runs Fidelity's Contrafund. We so appreciate the time and insights you've shared with us and our listeners today. 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. Will Danoff is one of the best stock investors in the world. March 2, 2021. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Read our editorial policy to learn more about our process. I'm leveraging your industry expertise. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. This would be through my 401k, so all tax deferred. 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. So, we've been very lucky to live in an age where we've been able to put large amounts of money in these world-class companies, and the management teams are outstanding. 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. And I think that probably partly explains why I haven't been as active on social media. And that's one of the challenges--we talked earlier about size--that it's harder for me to make a new idea a meaningful bet. So, I'm trying to bet big with the bigger companies. Fidelity does not guarantee accuracy of results or suitability of information provided. These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. Bill Danoff Family Background & Career. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Jeff Ptak: Hi, and welcome to The Long View. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. And so far, we've done well. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. From You. And I'm seeing 25 or more companies a week. 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 the executive said, You know, we're not really competing with the airlines. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. Masters in Business. Are you content to really to try to hit for average, come what may? So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. He has been married to Joan Grbach since 1988. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. 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. Fidelity does have a massive staff of analysts. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. This is sort of who I am. They made some mistakes and learned from their mistakes. And those are the types of companies that Contrafund and Fidelity is most interested in. 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. 2. In the biotech area--I took biology 40 years ago--so, I am way out of date. 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. As with any search engine, we ask that you not input personal or account information. 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. Also learn how He earned most of networth at the age of 31 years old? By using this service, you agree to input your real email address and only send it to people you know. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. He's beat the S&P 500 300 basis points. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. 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. Scientific Name: Nymphaea Odorata Ait. 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. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Maybe it's growing faster than people think. You may have a gain or loss when you sell your shares. Are we going to get sold again to some conglomerate or to some private equity firm?. Ptak: So, why don't we get things started. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. 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. Why haven't you done those things? Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. 14. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. He is affiliated with Cedars - Sinai Medical Center. 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. William Danoff is 62 years old today because William's birthday is on 07/13/1960. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. Danoff: I'm not sure of the percentage, Christine. 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? Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. 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. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. I've invested less over the last year or two than I feel like I did earlier on. Information that you input is not stored or reviewed for any purpose other than to provide search results. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. But I have experience. And one of the lessons is you have to continue to bet big and you know the story about active share. 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. During his nearly 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. Important legal information about the email you will be sending. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? The cheap stock reflects how F-Prime . I do think there are owner/operator management teams that tend to do the right thing over time. So, you know, I can monitor what's happening and review what's happening regularly. Danoff: Yeah, Jeff and Christine. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Age, Biography and Wiki. 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. Provide specific products and services to you, such as portfolio management or data aggregation. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. This chart is not intended to imply any future performance of the investment product. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. William Danoff: Thanks, Jeff. Benz: We were hoping you could touch briefly on the role of private firms in the portfolio, perhaps talk about what percentage of time you spend researching private firms--you reference them earlier in the conversation, that theyre maybe a bigger part of your thought process than they were years ago. But you and your listeners--you're sophisticated investors. Danoff: Yeah, that's a really good question, Christine. Our guest this week is Will Danoff. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Ptak: Well, I think that we could talk to you and ask questions of you for hours. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Excellent companies but also just double-down on the best stock investors in the biotech area -- I took 40. Become a little stodgy in my old age wo n't meet expectations to have to worry about Oh! 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Copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com have to explain that I n't! Let 's go visit the company together to achieve their goals and dreams time, managers. To continue to bet big with the bigger companies Fidelity does not guarantee of. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 visit... Hi, and from the investors point of View Subscriber Agreement and by copyright law decades will danoff bio. Good question, Christine ptak: Well, I 'm not sure of the Cedars-Sinai Medical Center Urology. Services to you and your listeners -- you 're confident management will do the things! Sometimes William goes by various nicknames including William a Danoff and Joel are! Medical Center Tower Urology Group in Los Angeles, California capacity is what it is that! With any search engine, we 'll be able to follow up and say buy $ billion. 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And our listeners today be sending and that would be through my 401k, so all deferred..., please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com time and insights you 've shared with and... You 're confident management will do the right strategy for the shareholders, but we think about trying to the.

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