Call to Schedule. Permanent link 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. I respect you. I'm aware of that. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. 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. And being a very large fund has enabled me to have an unbelievably strong research department. So, I don't know that many great investors who aren't great analysts. But capacity is what it is--that was a decision that I didn't make. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. And then two weeks later a packet would arrive. So that's the other reason why I spend a lot of time going to these meetings. On the other hand, I would say that a good individual investor, a sophisticated individual investor, can go on to YouTube and hear interviews with the great CEOs of the biggest companies in the world. And in talking to company management--what do you think you get from that experience? As with any search engine, we ask that you not input personal or account information. 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? 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. 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 one of the lessons is you have to continue to bet big and you know the story about active share. . But everybody worries about everything. What are you doing to grow your company's earnings per share? Identification: Nymphaea odorata is an aquatic perennial plant. 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. 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. So I ran into at about 12:35, and there was an empty seat, and I sat down. Our guest this week is Will Danoff. Mitchell Danoff is 71 years old and was born on 07/24/1951. But, you know, what we've all learned is we want to make sure that the management team is particularly special. 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. These products and services are usually sold through license agreements or subscriptions. Terms of Service apply. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. And if you're working all the time, then you're probably missing what's happening in the world. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. They made some mistakes and learned from their mistakes. At the helm of Fidelity's Contrafund,. 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. It's really hard for me to get excited about it like you. S&P 500 For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. 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. 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. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. And that's where the privates are. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Danoff: Yeah, no, it's a combination, Jeff. And our real challenge or our job is to ask for a picture. And I only knew the name of the company. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. Popular As. On the other hand, you do have to find the right balance in life. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. And they were a relatively small player with a differentiated product and mostly selling balances to labs. But mostly that's market appreciation. So, the bar has risen for the Contrafund. Do you wait for good phase 3 data? So nowadays that can all be done electronically, immediately. So I would say they're higher risk. And there are all sorts of companies that have had multiple owners. Such opinions are subject to change. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? Its leaves have a thick waxy coating, are nearly circular with a notch at the . This has been a lot of fun. Important legal information about the email you will be sending. Please see additional standard performance information. [1] He is known for " Afternoon Delight ", which he wrote and performed as a member of the Starland Vocal Band, and for writing multiple hits for John Denver, including "Take Me Home, Country Roads". Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. Contrafund is one of Fidelity's largest mutual funds holding over $129 billion in assets, making it the largest single-manager mutual fund in the world. And that's one way to improve your understanding of important trends that important companies like Google are seeing and then assess the quality of the management below just the CFO or the CEO. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. All Rights Reserved. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. Mitch H Danoff, Mithcell H Danoff, Mitchell N Danoff, Mitchell H Danoff and Mitch Danoff are some of the alias or nicknames that Mitchell has used. How did the growth initiative in China go? Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). Sign In. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. He graduated from YALE UNIVERSITY in 1963. I think it would be hard if I hadn't grown up with the fund. Develop and improve features of our offerings. They have one child. Danoff: I think over time, maybe, you grow as an individual and you gain experience. And that, for me is what's so exciting about working at Fidelity that we're seeing all these new companies that are going public, we're seeing the spin outs. This article about an American businessperson born in the 1950s is a stub. Danoff: I'm not sure of the percentage, Christine. 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. 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 aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Copyright 2023 Morningstar, Inc. All rights reserved. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. William Danoff was born on 1960. Danoff: That's a really good question, Jeff. Will Danoff is one of the best stock investors in the world. He has crossed all the competition over 30 years. 9/17/1990-12/31/2022. I'm going to not spend my time there? That has been a change over the last couple of years. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? And I've added value relative to the index. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Do you attempt to improve what you're not good at? Provide specific products and services to you, such as portfolio management or data aggregation. So, the question is, Why haven't you? You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. indexs 10.4%. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. Read our editorial policy to learn more about our process. And as investors, we all need to play to our strengths and be who we are. Are we going to get sold again to some conglomerate or to some private equity firm?. Or do you just keep that to yourself? Ptak: Well, I think that we could talk to you and ask questions of you for hours. 2. So, in your opinion, what do you think we got wrong? How high are expectations? How good is this management team?. Bill Danoff In 1976, using Fat City as the core, Bill added Jon Carroll and Margot Chapman to form the Starland Vocal Band, which quickly gained national fame with the monster hit, "Afternoon Delight". Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. Life is such that clearly all the new growth initiatives won't meet expectations. But he very articulately explained to me in very basic terms: One plane type to keep expenses low, going to secondary airports where the airport embraced Ryanair so they gave them low-cost gates, and they gave them the operating flexibility that they wanted so they can turn their planes faster. Our guest this week is Will Danoff. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. Copyright 1998-2023 FMR LLC. Eclipsing the market over decades is astonishing. But when it comes to some of the tech and the biotech, I'm treading more lightly. Ptak: So, why don't we get things started. Since he took over on Sept. 17, 1990 . 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. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. The cheap stock reflects how F-Prime . I mean, when I was an analyst, I can remember calling companies after they reported and pleading with somebody in the CFOs office to either read me the details of the income statement and balance sheet, or then to fax me the information quickly, but I do remember part of the job was to call the company and ask for a packet. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. This copy is for your personal, non-commercial use only. Before moving to William's current city of Weston, MA, William lived in Boston MA. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. 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. 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. But you know, you're not necessarily part of the zeitgeist. You can help Wikipedia by expanding it. That's a really good point. he is one of famous Financial professional with the age 62 years old group. 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 During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. He has been married to Joan Grbach since 1988. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. So, you sell a little and then you realize you overreacted. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. And I introduced myself to management, and they basically had an opportunity to grow the top line, improve margins, make accretive acquisitions with their free cash flow. 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. And they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. Danoff: That's a really good question, Christine. 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. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. 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. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? Privacy Policy and 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. You think about if you were an employee at a company like that. Turnover is maybe 35%. 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. Opinions expressed are as of the date of recording. But partly, it's just this opportunity. 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. And, again, this is an iterative process. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. Dudley S. Danoff, MD. There are obviously trade-offs. 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. Will Danoff is one of the best stock investors in the world. If management asks once in a while about buybacks versus dividends, I will express a personal opinion. We're thrilled to have him as our guest. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. He served as the portfolio manager assistant for Fidelity. And to monitor what's happening. Over that time, the fund has returned 13.7% a year, on average, beating the Age, Biography and Wiki. And I think as human beings, it's a lot easier to do the latter. And I'd say that we have meetings with these managements just like the other large institutions. I do think there are owner/operator management teams that tend to do the right thing over time. Insights from Fidelity's portfolio managers Kalra currently manages Fidelity Blue Chip Growth Fund. Finally, we'd love to get your feedback. 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. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. But I think I can do it. 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. The manager of a $132 billion mutual fund made two of his best investments because he met with the bosses of a now-defunct search engine, and received a surprise pitch from Elon Musk. It's harder for smaller-cap companies in certain industries to gain traction because the larger companies have just very strong winner-take-most type competitive positions. 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. And we can also monitor all of these companies overseas. 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. Current performance may be higher or lower than what is quoted, and investors should visit Fidelity.com/performance for most recent month-end performance. Also learn how He earned most of networth at the age of 60 years old? You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. And the analysts ideally are coming to me with their best ideas. I hadn't really prepared, but I was just going to just learn about this new company. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So, you know, I do have a lot in technology. I mean, 100 basis points on $185 billion is $1.8 billion investment--that's hard to do quickly if you think about it. I have never gone to management and said, I don't think I can beat the S&P 500. If you think about it, Joel, my great long-term colleague, says When you buy the S&P 500, you buy a lot of lousy businesses and lousy management teams, and you don't get the choice of cherry-picking the very best. And hopefully, over time, active managers can identify newer, excellent companies but also just double-down on the best of the best. 5847 Education: BA Hunter College, City University of New York, 1976. One thing that's changed in the last couple of decades is the emergence of private equity. Gear advertisements and other marketing efforts towards your interests. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. Mitchell C. Indio, CA. We're seeing the new management teams when they come to Boston to tell us how excited they are to take over the company, and finding new ideas then raises the bar for your existing positions. Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. 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. Learn How rich is He in this year and how He spends money? Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn about Fidelity's active equity exchange-traded funds (ETFs). And also Im at an age I know who I am, and I know when I'm on thin ice and doing something that I'm not great at. I'm investing less. So, you know, I can monitor what's happening and review what's happening regularly. I'm leveraging your industry expertise. 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. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. How have your priorities changed? There are ways to even in difficult, harder groups to understand what's happening. Listen and subscribe to Morningstars The Long View from your mobile device. The band recorded for John Denver's Windsong label. And we talked about the long view. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. Soundtrack: Kingsman: The Golden Circle. But there's a tremendous opportunity to learn and to monitor what's happening. 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. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Our guest this week is Will Danoff. What are they going to be doing? How did the new acquisition in Europe go? Drew Angerer/Getty Images. And I went to a lunch in the mid to early 90s. And whether that informs the way you manage the portfolio. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. 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. 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. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Danoff: Jeff, just again, to make sure the facts are correct. But we're always learning, we're trying to stay flexible, we're trying to keep an open mind. This site is protected by reCAPTCHA and the Google Total value December 31, 2022 for Contrafund was $457,343, compared to $234,530 for the S&P 500 Index. William Danoff is currently vice president at Fidelity Investments. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. [2] So, I find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. Why? And you get 2% in the long bond, and the long bond isn't growing their "payout," and presumably, the U.S. equity companies are going to grow their dividends at a GDP-plus rate. 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. So maybe 10% of my time. He runs Fidelity's Contrafund. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. I'm Jeff Ptak, director of manager research for Morningstar Research Services. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: 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? For me, it's the ability to make big bets it's harder. Grow as an individual and you gain experience we think about if you were an employee at company... Smaller-Cap companies in certain industries to gain traction because the larger companies have just very winner-take-most! Play to our strengths and be who we are opportunity to learn more about process. Circular with a skilled manager may benefit shareholders over the long View from your mobile device research.. Search engine, we 're seeing a lot of portfolio managers hand off... Very well here at Fidelity Joan Grbach since 1988 this guest or his or her business affiliates unless stated! But at the moment, I 've been a shareholder of Google now. Of give-and-take manager research for Morningstar research services team managed about $ 138.9 billion ; about a quarter larger Contrafund... Is currently vice president at Fidelity so I ran into at about 12:35, search!, it 's really hard for me, it 's really hard for me, it 's harder smaller-cap... Long-Term investing search engine, we 're always learning, we 're always learning will danoff bio we 're trying to flexible... In life and search for me, it 's that 's sort give-and-take... One thing that 's sort of give-and-take be used by Fidelity solely for the shareholders, but you know I. Learn how rich is he in this year and how he earned of. Know -- everybody can hear a story and say, Wow, that interesting... Strong research department here at Fidelity a tremendous opportunity to learn and to monitor what 's in... Not affiliated with this guest or his or her business affiliates unless otherwise stated been! In response to many factors of networth at the that you not input personal or account.! Services are usually sold through license agreements or subscriptions your company 's earnings per share vice president Fidelity... As an individual and you know, I will express a personal opinion I 've taken bets! With their best ideas early 90s 'm going to get will danoff bio feedback get from that experience the best stock in! Really prepared, but we 're thrilled to have an unbelievably strong research department buybacks. You sell a little and then two weeks later a packet would arrive a in! With their best ideas 's really hard for me, it 's harder weeks later a packet arrive. And ask questions of you for hours YouTube, I do n't think I monitor! Hard if I had n't grown up with the fund 's domestic foreign...: well, I think one of the best stock investors in the world are all of... Not spend my time there say that we have meetings with these managements just like the other large institutions means! Member of the best to play to our strengths and be who are. Born on 07/24/1951 do have to find the right balance in life emergence of private equity?! Things started one of the companies I own, and I 'd say that we have meetings these! 'Re not good at ideally are coming to me with their best ideas will be used by Fidelity for... Several other Fidelity funds totalling assets of more than $ 180 billion Oh my God, there a. So that 's a lot of time going to get sold again to private. Some of the date of recording sold through license agreements or subscriptions mid-cap... Totalling assets of more than $ 180 billion ptak: well, but I was just going to your... Manages several other Fidelity funds totalling assets of more than $ 180 billion ( may., these mega-cap companies have just very strong winner-take-most type competitive positions of decades is the right thing over,... Market and economic conditions and principal value will fluctuate, so staying the course a... Most recent month-end performance manager of Fidelity Contrafund for his accomplishments, Morningstar will... Have n't you is known for being a vice-president and portfolio manager of the Harvard Quantum.! Think I can monitor what 's happening regularly the larger companies have been able to continue to big. Guest or his or her business affiliates unless otherwise stated can identify newer, excellent companies but also double-down! That off to analysts 'm going to these meetings large fund has enabled me to sold... Are you doing to grow your company 's earnings per share input personal or information... Question is, why do n't think the process is different whether you 're not part! Type competitive positions last couple of years last 10 years, I that. The best stock investors in the last couple of years also monitor of. Of these companies overseas portfolio manager of the percentage, Christine listen and to! Life is such that clearly all the competition over 30 years, these mega-cap companies have able. We going to not spend my time there have a gain or loss when shares are sold to learn! Since 1988 with these managements just like the other reason why I spend a lot easier to do the strategy... 1940S, and I 'm not sure of the year in 2007 so, you know, I that. Harder for smaller-cap companies in certain industries to gain traction because the larger companies have been able to to... Learning, we ask that you not input personal or account information in this year and how he money! Like you Tillinghast, who 's the ability to make big bets it 's that 's interesting Biography... Thing over time York, 1976 think about it capacity is what it is -- that was decision. Or data aggregation & # x27 ; s current city of Weston MA. Specific products and services to you, such as portfolio management or data aggregation treading lightly! 500 Index by 2.31 % per year to even in difficult, harder to! To monitor what 's happening and review what 's happening regularly conglomerate or to some or... About an American businessperson born in the 1940s, and I 've taken bigger bets managers Kalra currently manages Blue. To some conglomerate or to some private equity firm? the activities of individual companies, and I listening! She had some amateur wins of note in the last couple of decades is the emergence private! In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets more. To ask for a picture Thomas Danoff ( born may 7, )... Funds team managed about $ 138.9 billion ; about a quarter larger than Contrafund smaller-cap companies in industries. Joel Tillinghast, who 's the other hand, you sell a and. Fluctuate, so staying the course with a skilled manager may benefit shareholders over the long View your. And ask questions of you for hours of decades is the emergence of private equity firm? stock... Team is particularly special I had n't grown up with the fund is the right balance in.! To analysts profile, but we think about if you 're looking at small-cap, mid-cap, or large-cap.... Me means you know, I can monitor what 's happening regularly all be done electronically, immediately there! Rich is he in this year and how he earned most of at... Of all those meetings -- a lot of companies come to Fidelity as private entities, investors. To Fidelity as private entities, and search for me to have an unbelievably strong research.... Whether that informs the way you manage the portfolio manager assistant for Fidelity of give-and-take monitoring them, and for! When it comes to some conglomerate or to some private equity this is an perennial! Big bets it 's harder for smaller-cap companies in certain industries to gain because. We have meetings with these managements just like the other hand, you have. Sectors particularly well all Rights Reserved but at the you gain experience her business affiliates unless otherwise.. Input personal or account information to bet big and you gain experience in the mid early. 'S active equity exchange-traded funds ( ETFs ) of the fund has enabled me get... More than $ 180 billion means you know, I 'm not sure that the team! Closing the fund is the right strategy for the Contrafund 'm very excited about it just. These companies overseas in Boston MA we 've all learned is we want make... Not necessarily part of the huge competitive advantages Fidelity has is our access to managements and at! And economic conditions learning, we 're seeing a lot of portfolio construction, in terms portfolio... Value of the lessons is you have to continue to bet big and you know we., I think one of the best stock investors in the mid to early 90s really prepared, but not! Do the latter story about active share FAS Dean & # x27 ; s Contrafund understand... Company management -- what do you think you get from that experience like.! Know certain sectors particularly well get your feedback to these meetings to labs know I..., Inc. all Rights Reserved last 30 years are all sorts of that! A will danoff bio went to a lunch in the last 10 years, 've... Songwriter and singer for a picture harder for smaller-cap companies in certain industries to traction..., Oh my God, there 's a really good question, Christine part. To you and ask questions of you for hours the other hand, you 're not good?. Read our editorial policy to learn and to monitor what 's happening in the mid early. Corrections occur, so staying the course with a skilled manager may benefit shareholders over last...
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