But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. The long view has to be that equities are going to perform better than bonds for the foreseeable future. And that it's really hard to know that you're going to win the hand when everybody only has two cards. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. I am the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. But mostly that's market appreciation. So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. 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). But partly, it's just this opportunity. What are we thinking about management? Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. And part of the toughest challenge I think, as an investor--and your listeners have to keep this in mind--is saying, That's interesting, but I either will wait and see how you do or that's very interesting, I want to learn from you, but at this moment, I don't want to invest. And sometimes when these companies come to Boston, they're a little upset if they meet with Fidelity and then Fidelity doesn't do anything. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. No patient rating & comments. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. And those are the types of companies that Contrafund and Fidelity is most interested in. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. 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. But the real key is not just to hear the story but to follow up. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). Benz: So, you've mentioned circle of competence a couple of times. And I think the key point is that every sector, every market has a certain cycle, and Fidelity did a very good job in the 2012 time frame, seven or eight years ago, of seeing some of the early private opportunities and capitalizing on those. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . Before moving to William's current city of Weston, MA, William lived in Boston MA. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. But can you provide any more color on why you continue to be so involved in those meetings? Past performance is not a guarantee of future results. And if you haven't seen it, it's a very good letter. But Fidelity gives us this great platform because we're one of the largest institutional investors. Danoff: Yeah, Jeff and Christine. And that the key was to sweat your assets and fill your planes out by charging a low price. Verify your identity, personalize the content you receive, or create and administer your account. 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. And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. And our real challenge or our job is to ask for a picture. 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. 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 it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. So, I look at the fund. Danoff: I think over time, maybe, you grow as an individual and you gain experience. There are obviously trade-offs. 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. Popular As. Among these three, only. Already a member? Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. 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. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . 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 . Adam Danoff net worth is $900,000. So that's the other reason why I spend a lot of time going to these meetings. I'm aware of my positions. I think they're managing their size very, very well. 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. Mitchell C. Indio, CA. Owen Danoff was born in Washington, United States. Tom Ford. They made some mistakes and learned from their mistakes. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Terms of Service apply. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. How has that changed in the last few decades in which you've been running money? 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. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. 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. He served as the portfolio manager assistant for Fidelity. Will Danoff is the Portfolio Manager of Fidelity Contrafund. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. But I have experience. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. I tend not to do well when we have to make a quick pivot. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. He was previously married to Taffy Nivert. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Consistently outperforming the market is very hard. I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. So, I went, and I was really excited about the story. For the best Barrons.com experience, please update to a modern browser. But we're working for the shareholders here at Fidelity, and I take that quite seriously. 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. Fidelity Contrafund versus the S&P 500 index over five periods: 1 year, 3 years, 5 years, 10 years, and life of the portfolio. 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. Benz: You can follow us on Twitter @Christine_Benz. 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. . Fidelity does not guarantee accuracy of results or suitability of information provided. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. A lot depends on how the markets go. They're low capital intensity because they outsource their manufacturing. The Internet is changing business models, but it's helping a fair number of companies. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Read our editorial policy to learn more about our process. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. Born on 1959 in United States of America, William Danoff started his career as Financial professional . But there's always controversy. Insights from Fidelity's portfolio managers. 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? I do think also with technology and the Internet that bigger companies are executing better. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. March 2, 2021. Wed like to share more about how we work and what drives our day-to-day business. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. And I think as human beings, it's a lot easier to do the latter. And, you know, if you go to a company for five or six years, two times a year, and visit with three different executives--I probably have met the top 50 executives at Google. The content you receive, or large-cap companies Investments TV commercial, Securities and Exchange Commissions Investment company Risk! That bigger companies are executing better most interested in Fidelity Contrafund speaks with will Danoff is the Contrafund manager. Anyway, I went, and there were n't that many people there knowledge to anticipate the future is..., 56, was trained by the formidable Peter Lynch, who the! 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