Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. 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". A lot depends on how the markets go. I'm working for the shareholders. This copy is for your personal, non-commercial use only. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. And if you're out there, somebody, I think, famous once said, You don't learn anything if you're talking all the time and something about You got one mouth and two ears, you should use them in that rough proportion, but it's just who I am. And to monitor what's happening. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? It is not possible to invest in an index. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). So, you know, I can monitor what's happening and review what's happening regularly. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. Over that time, the fund has returned 13.7% a year, on average, beating the I think they're managing their size very, very well. 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. Do you wait for good phase 3 data? If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. And whether that informs the way you manage the portfolio. But Fidelity gives us this great platform because we're one of the largest institutional investors. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. They're low capital intensity because they outsource their manufacturing. Develop and improve features of our offerings. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. There are obviously trade-offs. This would be through my 401k, so all tax deferred. 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. Danoff: Yeah, Jeff this business is really competitive. And there are all sorts of companies that have had multiple owners. 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 I said, I have to go to this presentation. They made some mistakes and learned from their mistakes. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. As of July 2018, the fund has continued its outperformance over the S&P 500. Benz: So, you've mentioned circle of competence a couple of times. I don't whip the fund around. You can do it, but that's going to take some time. I have to explain that I've become a little stodgy in my old age. So, I went, and I was really excited about the story. To make it into the starting lineup is not easy. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. So Hey, that sounds really good. 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. Kalra currently manages Fidelity Blue Chip Growth Fund. At the helm of Fidelity's Contrafund,. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Sign In. 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. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Danoff: That's a really good question, Jeff. Technology has become a bigger and bigger part of everybody's life. And we talked about the long view. So, the question is, Why haven't you? I'm going to not spend my time there? But in every industry, there are new emerging themes, and hopefully, the Fidelity research department and I can identify those themes and find companies that are going to benefit from those themes. But mostly that's market appreciation. I'm aware of my positions. I hadn't really prepared, but I was just going to just learn about this new company. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. Maybe it's growing faster than people think. Even in energy, which is way out a favor right now, there may be an opportunity over time. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. 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. Age, Biography and Wiki. Since he took over on Sept. 17, 1990 . But we're working for the shareholders here at Fidelity, and I take that quite seriously. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. 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.). I tend not to do well when we have to make a quick pivot. I think the book of business is about $185 billion now, maybe a little higher. And I only knew the name of the company. Wed like to share more about how we work and what drives our day-to-day business. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. 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. But there's a tremendous opportunity to learn and to monitor what's happening. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. India is emerging as an important experimental ground for a lot of new technology as well. Our guest this week is Will Danoff. So, I try to stay within my own circle of competence. 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. And that it's really hard to know that you're going to win the hand when everybody only has two cards. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. But I have experience. But can you provide any more color on why you continue to be so involved in those meetings? Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. But partly, it's just this opportunity. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. And again, private companies are an opportunity to learn and, if they're the right private company, an opportunity to invest. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. William Danoff is currently vice president at Fidelity Investments. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And the thought process was, Well, we have industry expertise, we have company expertise. I'm aware of that. Tom Ford. 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. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. 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. Please see additional standard performance information. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] I think the key to being a great investor is being open to new ideas, learning from new ideas, and finding that right balance between waiting for the right moment. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Danoff: I think over time, maybe, you grow as an individual and you gain experience. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. They hand off responsibility for security research and talking to management. March 2, 2021. 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. But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. How good is this management team?. Opinions expressed are as of the date of recording. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. 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. Los Angeles 8635 W 3rd St Los Angeles, CA. 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. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Mr. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. So nowadays that can all be done electronically, immediately. And maybe you have a king showing, and the other players have low card, so you can bet. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Past performance is not a guarantee of future results. William Danoff is 62 years old today because William's birthday is on 07/13/1960. 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