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. Managers here at Fidelity have asked me to close in the past, and I've decided for political reasons that I would agree with my managers, but then we've reopened. India is emerging as an important experimental ground for a lot of new technology as well. So, I try to stay within my own circle of competence. And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. They made some mistakes and learned from their mistakes. Danoff has a degree in history from Harvard and an MBA from Wharton. It's really hard for me to get excited about it like you. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. Maybe another competitor is doing a better job. 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. He started Fidelity Series Opportunistic Insights Fund in 2012, which has grown to $8 billion.In addition, Mr. Danoff resumed management of the $23 billion Fidelity VIP Contrafund in May 2018, a portfolio he launched in 1995 before handing off to colleagues in 2007. I tend not to do well when we have to make a quick pivot. Do you attempt to improve what you're not good at? As of July 2018, the fund has continued its outperformance over the S&P 500. And then they want to talk to the largest shareholders, the potential largest shareholders. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. So, I'm trying to bet big with the bigger companies. And the thought process was, Well, we have industry expertise, we have company expertise. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. 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. So, I look at the fund. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. One--you have to make sure that you understand the threats to your existing holdings, but also, there's usually a pivot point where a concept then turns into a profitable business. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. And that it's really hard to know that you're going to win the hand when everybody only has two cards. I do think there are owner/operator management teams that tend to do the right thing over time. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). 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. Opinions expressed are as of the date of recording. Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. Do we decide to buy another company or one of their customers or one of their suppliers? And if you do that every day, for 29 or 30 years over time you gain some expertise and hopefully you improve your batting average and add value to the shareholders. I am trying to reduce my turnover. 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. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. For me, it's the ability to make big bets it's harder. And then my second question is how you size positions. And the executive said, You know, we're not really competing with the airlines. Permanent link No patient rating & comments. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. I would say I probably see two or three private companies a week. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. William Danoff was born on 1960. 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. And our real challenge or our job is to ask for a picture. At the helm of Fidelity's Contrafund,. 5 stars. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. So, you know, I do have a lot in technology. I feel really lucky to be here. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. The cheap stock reflects how F-Prime . 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? Danoff: That's a really good question, Jeff. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. 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. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. 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. And if you haven't seen it, it's a very good letter. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Wed like to share more about how we work and what drives our day-to-day business. You think about if you were an employee at a company like that. They hand off responsibility for security research and talking to management. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. 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. Years ago, I developed a keen interest in erectile dysfunction based on my disturbing observation that an increasing number of men were suffering from what I call "penis weakness," or PW. But that's just speculation. 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). So, I went, and I was really excited about the story. Our guest this week is Will Danoff. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. Performance data shown represents past performance and is no guarantee of future results. 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. He has crossed all the competition over 30 years. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. But if they don't, what are we learning from that? Beating the market isn't easy. So, you know, I can monitor what's happening and review what's happening regularly. 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. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. Masters in Business. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. And then two weeks later a packet would arrive. 2. So, I don't know that many great investors who aren't great analysts. And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. So I would say they're higher risk. 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 . I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] 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. But when it comes to some of the tech and the biotech, I'm treading more lightly. And now people have two devices. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. And whether that informs the way you manage the portfolio. And, you know, I would say this business is sort of like a poker game. Or do you just keep that to yourself? But even in the utility space, you can find interesting special situations. 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