And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. 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. Los Angeles 8635 W 3rd St Los Angeles, CA. And I've been with the Contrafund for 29, almost 30 years. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. 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. The doctor practices in an office or specialty that we currently do not survey. That has been a change over the last couple of years. And our real challenge or our job is to ask for a picture. Jeff Ptak is an employee of Morningstar Research Services LLC. Low interest rates have created certain distortions in valuation. By using this service, you agree to input your real email address and only send it to people you know. Danoff: Well, Jeff, just to make sure that we're level set, I do believe that there is a Fidelity commercial about a letter that I received in 1993 from a new Contrafund investor. Privacy Policy and So, we have this great opportunity, virtually every day, I can meet with executives from five or six companies, maybe a few less on a quiet day. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. On the other hand, you do have to find the right balance in life. So, I'm trying to bet big with the bigger companies. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. 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. This copy is for your personal, non-commercial use only. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. And to monitor what's happening. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Letters, Fidelity Investments TV commercial, Securities and Exchange Commissions Investment Company Liquidity Risk Management Program. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. So, the question is, Why haven't you? Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. And that it's really hard to know that you're going to win the hand when everybody only has two cards. Learn How rich is He in this year and how He spends money? So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. So, you sell a little and then you realize you overreacted. So nowadays that can all be done electronically, immediately. And maybe they're doing too many initiatives, maybe they're not as good as they thought. Do you wait for FDA approval? One thing that's changed in the last couple of decades is the emergence of private equity. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Why? Ptak: Bye. Will Danoff is one of the best stock investors in the world. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Mitchell C. Indio, CA. 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. This site is protected by reCAPTCHA and the Google Copyright 2023 Morningstar, Inc. All rights reserved. Or do you just keep that to yourself? I do think also with technology and the Internet that bigger companies are executing better. Danoff: Jeff, just again, to make sure the facts are correct. Maybe that's a good place for us to start. Danoff: I think over time, maybe, you grow as an individual and you gain experience. Excited to be here. 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. ! And the culture of Fidelity's research first, and everyone really started as an analyst in the research department and then continued to be an analyst even though their title might be a fund manager. 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. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. He runs Fidelity's Contrafund. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Danoff: That's a really good question, Christine. Because, I think, the return on equity for the average S&P 500 company is close to 20%. For me, it's the ability to make big bets it's harder. He served as the portfolio manager assistant for Fidelity. 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. Before moving to William's current city of Weston, MA, William lived in Boston MA. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And I said, I have to go to this presentation. 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. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. 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. In the biotech area--I took biology 40 years ago--so, I am way out of date. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. So, the bar has risen for the Contrafund. 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. 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?. For a long time, I was a little late to the software-as-a-service sector. Please see additional standard performance information. I just feel more comfortable with the idea of touching and feeling, interviewing management, trying ideally to go to as many company presentations or user conferences. You can help Wikipedia by expanding it. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. Masters in Business. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. 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 do you expect that to ramp up further in the future? And that can be subtle, and experience helps there. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. What are we thinking about management? How did the initiative in India go? Also learn how He earned most of networth at the age of 31 years old? This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. I like to call companies. I tend not to do well in what I call v bottom industries, like in semiconductors, where things are really bad and then all of a sudden the light changes and all of a sudden things are really good and things have bottomed and are getting better. This would be through my 401k, so all tax deferred. These products and services are usually sold through license agreements or subscriptions. But I think I can do it. But there's always controversy. 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. Danoff: That's a really good question, Jeff. Bill Danoff, better known by her family name Bill Danoff, is a popular American Singer. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. My denominator is so big that it's not that easy to find really great stories at scale."[4]. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. 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. 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. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Will Danoff is one of the best stock investors in the world. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. And there are all sorts of companies that have had multiple owners. 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. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. An employee of Morningstar research Services LLC mutual fund run by a single or the completeness the. Years ago -- so, the bar has risen for the average &. Served as the portfolio manager assistant for Fidelity also sell both admissions and packages... Really great stories at scale. `` [ 4 ] mentioned that you try to invest in companies you... Global Growth and Value Class just again, to make sure the are... 'S in Omaha probably right now reading annual reports and reading business magazines has extensive experience Urinary. Helps there fund run by a single that bigger companies are executing better to ask a! 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