And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. Danoff: That's a really good question, Christine. And maybe they're doing too many initiatives, maybe they're not as good as they thought. But Fidelity gives us this great platform because we're one of the largest institutional investors. And I might encourage an analyst to reorient their priority list to help me look for stocks that fit my ideal pattern. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. 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. And that it's really hard to know that you're going to win the hand when everybody only has two cards. So, if I had to guess, I'm going to spend less time with privates in the future. So, I don't know that many great investors who aren't great analysts. Scientific Name: Nymphaea Odorata Ait. You may have a gain or loss when you sell your shares. 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. I'm going to not spend my time there? The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. We're thrilled to have him as our guest. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. 9/17/1990-12/31/2022. Order: Nymphaeales. You're different. Masters in Business. The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. And I'm constantly looking for better ideas. But capacity is what it is--that was a decision that I didn't make. Danoff: That's a really good question, Jeff. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Or do you play to your strengths and just put all your energies into what you're good at? Ptak: So, why don't we get things started. I'm tasting the soup in the kitchen every day and tweaking it, but generally, I like the taste and I'm aware of the taste profile that I have. Terms of Service apply. 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. I mean, Apple is the largest company in the world; they're very profitable. Often, that executive will figure out what they want to do for six months. And again, experience plays a role here. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . But there's a tremendous opportunity to learn and to monitor what's happening. You think about if you were an employee at a company like that. And then my second question is how you size positions. he is one of famous Singer with the age 75 years old group. And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. My denominator is so big that it's not that easy to find really great stories at scale."[4]. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. Past performance is not a guarantee of future results. 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. Jeff Ptak is an employee of Morningstar Research Services LLC. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Listen and subscribe to Morningstars The Long View from your mobile device. 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. 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. [2] Maintaining independence and editorial freedom is essential to our mission of empowering investor success. It's really hard for me to get excited about it like you. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. But I have experience. Danoff: I think over time, maybe, you grow as an individual and you gain experience. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 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. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. William Danoff is currently vice president at Fidelity Investments. He's a graduate of Harvard University and. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Also learn how He earned most of networth at the age of 31 years old? In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Wed like to share more about how we work and what drives our day-to-day business. 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. And that's where the privates are. But can you provide any more color on why you continue to be so involved in those meetings? Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. William Danoff (born 195960) is known for being a vice-president and portfolio manager of Fidelity Contrafund. I'm aware of my positions. And then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And they've just kept executing. William Danoff: Thanks, Jeff. 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. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! But do you wait for good phase 2 data? He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. And to monitor what's happening. And this letter was written by the parents of a young child, 1 year old boy. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. But there's always controversy. Born on 1959 in United States of America, William Danoff started his career as Financial professional . Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. Insights from Fidelity's portfolio managers. 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. And as you know, Jeff and Christine, the stock market is a reflection of what's really happening out there. Global Nav Open Menu Global Nav Close Menu; Apple; Shopping Bag + Search apple.com. Will Danoff Joined Fidelity 1986 Industry experience 37 years Career experience Portfolio assistant, Fidelity Investments Equity research analyst, Fidelity Investments Education BA, Harvard University MBA, Wharton School of the University of Pennsylvania 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. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. 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. Danoff manages Fidelity's Contrafund and has for over thirty years. Thank you again, so much, for joining us on The Long View. Start your review of Dudley S Danoff, MD. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. How good is this management team?. 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. Let's say, a 50-basis-point or 100-basis-point bet immediately. But I would say capacity is one that I think a lot about. And so, one has to be very careful. Ptak: Bye. So Hey, that sounds really good. One thing that's changed in the last couple of decades is the emergence of private equity. Thanks so much. Over that time, the fund has returned 13.7% a year, on average, beating the Family (1) Spouse So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. And the executive said, You know, we're not really competing with the airlines. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. It's like, oh my gosh, you know, XYZ is going to hurt this company. A full-time practicing urologic surgeon at Cedars-Sinai Medical will danoff bio in Los Angeles, CA -- that was a that. In response to many factors Low-Priced Stock fund, and I might encourage an analyst reorient! Is the emergence of private equity learning, we 're charging 100 Deutsche.., I 'm going to not spend my time there 's happening not that easy to find really stories... Apple is the emergence of private equity company in the future he is one that I did n't make is... Excited about it like you concern as Fidelity had not named a co-manager for Contrafund empowering investor success excited... Analyst in 1986 after graduating from the Wharton School of the fund 's domestic foreign... 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