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. You've always been different in your approach. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. I have to explain that I've become a little stodgy in my old age. They have this new app that's growing like a weed, and we need to load the boat, back up the truck. You might say, Well, I've never heard of ABC app, and I've never heard of this company. S&P 500 It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. This article about an American businessperson born in the 1950s is a stub. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. These products and services are usually sold through license agreements or subscriptions. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. We want to look before we leap. They're low capital intensity because they outsource their manufacturing. One thing that's changed in the last couple of decades is the emergence of private equity. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. And I was going to as many meetings as I could and just wanting to learn as much as I could. So, I think you mentioned the word edge, I don't think about edge at all. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. 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 . Born on 1959 in United States of America, William Danoff started his career as Financial professional . Insights from Fidelity's portfolio managers Tom Ford. Read our editorial policy to learn more about our process. Since he took over on Sept. 17, 1990 . 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? Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . And, if I had to guess, I think that trend might slow down. Among these three, only. The older mind is not as nimble as the younger mind. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? 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. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? Information that you input is not stored or reviewed for any purpose other than to provide search results. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. 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. Opinions expressed are as of the date of recording. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. Danoff: That's a really good question, Christine. So, I'd say it's a very healthy give-and-take and dialogue. They've got their EarPods, they've got an iPad, they've got a computer. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. If you have a comment or a guest idea, please email us at [email protected]. Drew Angerer/Getty Images. Thanks so much. Let's then call the company together. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. 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. Years ago, I developed a keen interest in erectile dysfunction based on my disturbing observation that an increasing number of men were suffering from what I call "penis weakness," or PW. 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. It's really hard for me to get excited about it like you. . ! 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. But I think I can do it. 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? Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. 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. Provide specific products and services to you, such as portfolio management or data aggregation. Terms of Service apply. And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. 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. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. 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. 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. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). And they've just kept executing. Over that time, the fund has returned 13.7% a year, on average, beating the Will Danoff is one of the best stock investors in the world. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. There are obviously trade-offs. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. He has been married to Joan Grbach since 1988. So, I'd say my emotional coefficient has improved. Honestly, Jeff, you have to play to your strengths. They have one child. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. That includes . I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. Beating the market isn't easy. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. No patient rating & comments. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. I'm interested in companies that are doing well, where the earnings outlook is positive, where earnings per share is growing. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. He's beat the S&P 500 300 basis points. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Will Danoff is one of the best stock investors in the world. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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. 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. His name is Will Danoff. And if you're working all the time, then you're probably missing what's happening in the world. 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. Ptak: Bye. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. 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". So maybe 10% of my time. And those are the types of companies that Contrafund and Fidelity is most interested in. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. Age, Biography and Wiki. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. 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. 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. But mostly that's market appreciation. If you think ABC Company is the best in your group, I'm willing to accept that. So, the question is, Why haven't you? I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. Danoff has a degree in history from Harvard and an MBA from Wharton. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. 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. 9/17/1990-12/31/2022. Learn How rich is He in this year and how He spends money? Danoff: Jeff, just again, to make sure the facts are correct. For a long time, I was a little late to the software-as-a-service sector. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. So, you sell a little and then you realize you overreacted. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. What are they going to be doing? But there's a tremendous opportunity to learn and to monitor what's happening. 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