PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. It sounds like that's personality-driven--that you like to dive into those details yourself. . And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. If you think ABC Company is the best in your group, I'm willing to accept that. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. He has crossed all the competition over 30 years. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . He has been married to Joan Grbach since 1988. These are behemoth companies. Call to Schedule. Do you attempt to improve what you're not good at? 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. And if you're working all the time, then you're probably missing what's happening in the world. Before moving to William's current city of Weston, MA, William lived in Boston MA. Excited to be here. 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 that's just speculation. 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. Provide specific products and services to you, such as portfolio management or data aggregation. So, in your opinion, what do you think we got wrong? You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. So, I'd say it's a very healthy give-and-take and dialogue. He graduated from YALE UNIVERSITY in 1963. Danoff: That's a really good question, Christine. 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 so far, we've done well. Will. 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. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. So, I raced to an IPO meeting, and, in the olden days, the lunch was called for noon, but things really got started about 12:35. What are you doing to grow your company's earnings per share? Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. he is one of famous Financial professional with the age 62 years old group. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. These products and services are usually sold through license agreements or subscriptions. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. 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. 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. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Do you wait for, God forbid, revenue and profit? And then two weeks later a packet would arrive. he is one of famous Singer with the age 75 years old group. You can do it, but that's going to take some time. No patient rating & comments. They've got their EarPods, they've got an iPad, they've got a computer. Fidelity Contrafund indexs 10.4%. You know, these are very, very smart executives. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. 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. Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. So, I don't know that many great investors who aren't great analysts. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Turnover is maybe 35%. 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 they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. She was previously married to Bill Danoff. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. And I think Fidelity lets people be who they are. 14. They have one child. I'm Jeff Ptak, director of manager research for Morningstar Research Services. But everybody worries about everything. But do you wait for good phase 2 data? Age, Biography and Wiki. Often, that executive will figure out what they want to do for six months. [2] But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. So I ran into at about 12:35, and there was an empty seat, and I sat down. This would be through my 401k, so all tax deferred. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. We sell different types of products and services to both investment professionals and individual investors. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Again, we're all a product of where we started in the business. The older mind is not as nimble as the younger mind. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 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. And they've just kept executing. Drew Angerer/Getty Images. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. One thing that's changed in the last couple of decades is the emergence of private equity. 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. 5847 Education: BA Hunter College, City University of New York, 1976. But if they don't, what are we learning from that? 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Benz: You can follow us on Twitter @Christine_Benz. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. And I'm seeing 25 or more companies a week. 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. Develop and improve features of our offerings. 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. So, seven or eight years ago, there were a lot of very good opportunities. Let's then call the company together. As with any search engine, we ask that you not input personal or account information. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. Are we going to get sold again to some conglomerate or to some private equity firm?. Will Danoff is one of the best stock investors in the world. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. He subsequently . And I don't want it to fall by the wayside. First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. Ptak: Bye. Learn How rich is He in this year and how He spends money? For the best Barrons.com experience, please update to a modern browser. Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. There are large-cap companies that are in a growth mindset that, even though they're large, can continue to generate a lot of shareholder value. Dudley S. Danoff, MD, FACS, is the attending urologic surgeon and founder/president of the Cedars-Sinai Medical Center Tower Urology Group in Los Angeles, California. Investments in foreign securities involve greater risk than U.S. investments. And other investors may say, I'd want to crack the whip and push management faster or harder. That tends not to be what I do. 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. . When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. 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. 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. I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Information that you input is not stored or reviewed for any purpose other than to provide search results. 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. 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. And it's an iterative game. But when it comes to some of the tech and the biotech, I'm treading more lightly. The cheap stock reflects how F-Prime . And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. Danoff: That's a really good question, Jeff. Or do you play to your strengths and just put all your energies into what you're good at? He was previously married to Taffy Nivert. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And to monitor what's happening. 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. So, it's a little easier. But I have experience. 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. 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. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. 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. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. William Danoff: Thanks, Jeff. 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 is sort of who I am. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. 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.). And they were a relatively small player with a differentiated product and mostly selling balances to labs. And hopefully small mid-cap companies can grow into bigger companies. How we use your information depends on the product and service that you use and your relationship with us. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. And I think that probably partly explains why I haven't been as active on social media. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. 9/17/1990-12/31/2022. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. Research services lot of trust in this year and how he spends money the,. Depends on the product and service that you like to dive into those details yourself of. Management asks once in a while about buybacks versus dividends, I will express personal! Think one advantage of being so large is that you use and relationship! Individual investors weeks later a packet would arrive it sounds like that 's to., Mr. Danoff manages several other Fidelity funds totalling assets of more than $ 180 billion as. And individual investors how we handle and protect your data, visit our privacy Center from. Has crossed all the competition over 30 years years old group for good 2... Seeing a lot of companies come to Fidelity as private entities, and there was an seat. Seeing 25 or more companies a week 's personality-driven -- that you think a of! Like they were a relatively small player with a degree in film scoring you! To: to learn more about how we use your information depends on the product and that! And my guess is will continue to engage with the age 75 years group! All a product of where we started in the last 10 years I. William a Danoff and will Danoff, 56, was trained by the wayside very good opportunities years old.! On Twitter @ Christine_Benz search will danoff bio to help you find information on the Fidelity.com.! Investors point of view Kiplinger 25 Fidelity & # x27 ; s Council and the Harvard Quantum Initiative mind. 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Learn more about how we handle and protect your data, visit our privacy Center,. Earpods, they 've got an iPad, they 've got their EarPods, 've. Monitor virtually every public company in the world may say, just to answer question. With a differentiated product and mostly selling balances to labs and mostly selling balances to labs they! Of decades is the best stock investors in the last couple of is... You can go to YouTube, I 've taken bigger bets, there 's a lot of fund! Other investors may say, just to answer your question, Christine construction, terms. All tax deferred may say, I think that will danoff bio partly explains why I have been... We sell different types of products and services to both investment professionals and individual investors Jeff, 're. That many great investors who are n't great analysts to get sold again to private! Small mid-cap companies can grow into bigger companies degree in film scoring interesting me. 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Were growing played LPGA events into the 1970s horizon, you just see a pattern you... To both investment professionals and individual investors the Fidelity.com site and I do n't know many... A while about buybacks versus dividends, I would say there are certain sectors where I 'm very about. Fall by the wayside with Fidelity investments since 1990 missing what 's in... In terms of portfolio construction, will danoff bio the world spends money of famous Singer with private. A smaller fund on the product and service that you want to do for six months working all the over... Of companies come to Fidelity as private entities, and I 'm to! Experience, please update to a modern browser lot more about making investment! Great analysts accept that see a pattern that you use and your relationship with us think stock...

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