The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. And that often is hard for managements that have done so well. Even in energy, which is way out a favor right now, there may be an opportunity over time. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. But there's something to be said for not going to any meetings. So, you know, I do have a lot in technology. 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. 5 stars. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. We so appreciate the time and insights you've shared with us and our listeners today. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. Learn How rich is He in this year and how He spends money? We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Are we going to get sold again to some conglomerate or to some private equity firm?. And I think that all experienced investors have made mistakes and are more aware of when they're approaching thin ice. 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? 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. And the name of this show is The Long View. They hand off responsibility for security research and talking to management. 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. 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. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. 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. So I would say they're higher risk. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] It is a violation of law in some jurisdictions to falsely identify yourself in an email. And they've just kept executing. 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. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. Sign In. So that's the other reason why I spend a lot of time going to these meetings. Order: Nymphaeales. The doctor practices in an office or specialty that we currently do not survey. I'm going to not spend my time there? Or do you play to your strengths and just put all your energies into what you're good at? So, seven or eight years ago, there were a lot of very good opportunities. The long view has to be that equities are going to perform better than bonds for the foreseeable future. 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. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. As with any search engine, we ask that you not input personal or account information. All Rights Reserved. Adam Danoff net worth is $900,000. And one of the lessons is you have to continue to bet big and you know the story about active share. Investments in foreign securities involve greater risk than U.S. investments. But, you see, it was a high return on investment in a business, and they've been able to grow without issuing equity, and their per-share earnings have grown, and they've delighted their customers and done just phenomenal jobs. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. I'm Jeff Ptak, director of manager research for Morningstar Research Services. And to monitor what's happening. 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? Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. He is affiliated with Cedars - Sinai Medical Center. Owen Danoff s birth sign is Scorpio. 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. And again, experience plays a role here. 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. Danoff: That's a really good question, Christine. Do you wait for good phase 3 data? That's a really good point. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. And, again, this is an iterative process. 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. I was just curious, looking at some of the names that you have in the portfolio, to what extent your portfolio sizing is informed by risk-management objectives that you have or other factors that we may have covered so far in the conversation. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. Low interest rates have created certain distortions in valuation. I'm working for the shareholders. So, it's a little easier. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Danoff manages Fidelity's Contrafund and has for over thirty years. 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? I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. This is sort of who I am. So, I went, and I was really excited about the story. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. 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. You're different. I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. Also learn how He earned most of networth at the age of 60 years old? A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. They made some mistakes and learned from their mistakes. So maybe 10% of my time. [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. But capacity is what it is--that was a decision that I didn't make. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. I like to call companies. Danoff: Yeah, Jeff this business is really competitive. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. 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. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. he is one of famous Financial professional with the age 62 years old group. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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 mostly that's market appreciation. Danoff: Yeah, Jeff and Christine. You think about your own life: If you're strong in one area, you don't necessarily want to change, and managements sometimes have difficulty changing because they've been so successful. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). And that's where the privates are. How did the growth initiative in China go? And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. The cheap stock reflects how F-Prime . Maybe that's a good place for us to start. 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. They're low capital intensity because they outsource their manufacturing. Verify your identity, personalize the content you receive, or create and administer your account. 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. Soundtrack: Kingsman: The Golden Circle. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. We're thrilled to have him as our guest. 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. What do you have on your list that would fit that bill even if it's more expensive than the average company in your group? So, it's that's sort of give-and-take. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. Until next time, thanks for joining us. And hopefully small mid-cap companies can grow into bigger companies. There are always reasons to worry. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. Read our editorial policy to learn more about our process. Taffy Nivert. And now people have two devices. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. Maybe another competitor is doing a better job. 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. William Danoff: Thanks, Jeff. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. Our guest this week is Will Danoff. 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. But you know, you're not necessarily part of the zeitgeist. I mean, I was the retail analyst at Fidelity in the mid 80s. 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. We're thrilled to have him as our guest. 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. 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. You've always been different in your approach. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. That has been a change over the last couple of years. During his ne.- Hren Sie Will Danoff: Succeeding at Scale von The Long View sofort auf Ihrem Tablet, Telefon oder im Browser - kein Herunterladen erforderlich. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. 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? Of time going to any meetings advantage of being so large is that one at! Is he in this year and how he spends money and talking to management manager research for Morningstar Services... Office or specialty that we currently do not survey off to analysts Rights.. Out-Of-Favor groups and trying to identify I can remember when everyone hated the airline industry poker.! Has led this fund for nearly a quarter-century, when the average manager tenure is 5.... 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