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. But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. Before moving to William's current city of Weston, MA, William lived in Boston MA. Bill Danoff Family Background & Career. This has been a lot of fun. And I'm seeing 25 or more companies a week. William Danoff is currently vice president at Fidelity Investments. You know, these are very, very smart executives. Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. Ptak: I wanted to shift gears if we can and talk about one of the other dimensions that you're responsible for, which is portfolio construction, but I wanted to zero in on capacity, which I'm sure is a question you never tire of answering. Beating the market isn't easy. And hopefully small mid-cap companies can grow into bigger companies. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. William Danoff, better known by her family name William Danoff, is a popular American Financial professional. And the name of this show is The Long View. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . But mostly that's market appreciation. 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. 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. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. I have told your colleagues--Katie's done a great job monitoring what I've done at Contra over many years--that if I didn't think I could beat the S&P 500 I would ask to close the fund. 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. 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. People ask a lot about when do you sell a stock--and you sell a stock when the earnings growth slows, often due to intensified competition. His office accepts new patients. Our guest this week is Will Danoff. 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. Contrafund currently is heavily invested in technology. Find Dr. Danoff's phone number, address, hospital affiliations and more. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. 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. He's beat the S&P 500 300 basis points. An error has occurred, please try again later. Also learn how He earned most of networth at the age of 31 years old? William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. And I only knew the name of the company. During Danoff's 30-year tenure, the Fidelity Contrafund has outperformed the S&P 500 in 100% of rolling 10-year time periods; it has outperformed the S&P 500 Index by an average of 3.21 percentage pointsRead More So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. 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. Learn How rich is He in this year and how He spends money? 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. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. 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. Family: Nymphaeaceae. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? They hand off responsibility for security research and talking to management. Owen Danoff s birth sign is Scorpio. Danoff: That's a really good question, Jeff. And our real challenge or our job is to ask for a picture. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. Will. And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. His name is Will Danoff. Please see additional standard performance information. Read our editorial policy to learn more about our process. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. This copy is for your personal, non-commercial use only. And I think as human beings, it's a lot easier to do the latter. I'm working for the shareholders. Danoff: Yeah, that's a really good question, Christine. Thanks so much. You know, sort of like, basically the cost of that being whatever capital you'd have to divert from your next best idea, or does circle of competence, however you would define that, enter into it as well? They're low capital intensity because they outsource their manufacturing. Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. 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. No patient rating & comments. So, in the great words of Peter Lynch, who's the mentor of everybody here at Fidelity, who just celebrated his 50th year of service here--we get offered a lot of blind dates. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. You can do it, but that's going to take some time. Important legal information about the email you will be sending. I don't whip the fund around. the largest U.S. mutual fund run by a single manager. Maybe another competitor is doing a better job. ! The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. He runs Fidelity's Contrafund. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. He graduated from YALE UNIVERSITY in 1963. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Are we going to get sold again to some conglomerate or to some private equity firm?. 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. 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 I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? But Fidelity gives us this great platform because we're one of the largest institutional investors. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Owen Danoff was born in Washington, United States. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. So, you know, I do have a lot in technology. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. 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. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). I think they're managing their size very, very well. This is sort of who I am. He served as the portfolio manager assistant for Fidelity. 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