He's a graduate of Harvard University and. Masters in Business. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. The doctor practices in an office or specialty that we currently do not survey. Owen Danoff s birth sign is Scorpio. But we're working for the shareholders here at Fidelity, and I take that quite seriously. And I've been with the Contrafund for 29, almost 30 years. You may have a gain or loss when you sell your shares. 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 I hope everybody has a great year. Fidelity does have a massive staff of analysts. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. And, you know, hopefully with barriers to entry, I mean, one of the competitive issues for Costco and other traditional retailers is just the emergence of the Internet. 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. 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 week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. So that's the other reason why I spend a lot of time going to these meetings. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. 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. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. And there are all sorts of companies that have had multiple owners. 5 stars. 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 when it comes to some of the tech and the biotech, I'm treading more lightly. 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. He runs Fidelity's Contrafund. This chart is not intended to imply any future performance of the investment product. And I only knew the name of the company. They hand off responsibility for security research and talking to management. ! Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Listen and subscribe to Morningstars The Long View from your mobile device. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. The cheap stock reflects how F-Prime . How good is this management team?. Learn How rich is He in this year and how He spends money? 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. I think they're managing their size very, very well. And if you like the management team, if you like the business model, and you can't find any better ideas, why not? Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. India is emerging as an important experimental ground for a lot of new technology as well. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. What are you doing to grow your company's earnings per share? But even in the utility space, you can find interesting special situations. We're thrilled to have him as our guest. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Jeff Ptak is an employee of Morningstar Research Services LLC. Life is such that clearly all the new growth initiatives won't meet expectations. 269. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. But it's when you get a second king that you want to bet more. So, I went, and I was really excited about the story. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. I'm going to not spend my time there? I have to explain that I've become a little stodgy in my old age. He is an actor, known for Kingsman: The Golden Circle (2017), Good Will Hunting (1997) and Alien: Covenant (2017). The subject line of the email you send will be "Fidelity.com: ", Will is dedicated to the long-term benefits of active management. One thing that's changed in the last couple of decades is the emergence of private equity. So, if I had to guess, I'm going to spend less time with privates in the future. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. And I'd say that we have meetings with these managements just like the other large institutions. How did the new acquisition in Europe go? And if I like the management team, and I'm confident that they're going to be able to grow, and I like what they're doing. 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? He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Bill Danoff Family Background & Career. Our guest this week is Will Danoff. He graduated from YALE UNIVERSITY in 1963. He is affiliated with Cedars - Sinai Medical Center. Class: Magnoliopsida. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? [2] 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. 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. 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, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. There are some tricks to the trade that I implement. Order: Nymphaeales. This would be through my 401k, so all tax deferred. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. 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. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. Finally, we'd love to get your feedback. We've detected you are on Internet Explorer. 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. And the analysts ideally are coming to me with their best ideas. 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. 14. Honestly, Jeff, you have to play to your strengths. Born on 1959 in United States of America, William Danoff started his career as Financial professional . Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. 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. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. 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. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. Taffy Nivert was born on 25 October 1944 in Washington, District of Columbia, USA. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. (2008) and Bloodrunners (2017). I am trying to reduce my turnover. 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. Will. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And also, I think at Fidelity, we got a great team. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. He was previously married to Taffy Nivert. 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. To make it into the starting lineup is not easy. 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. You can go to YouTube, I think, and search for me or the letter advertisement at Fidelity. And again, experience plays a role here. I prefer improving stories where I can double down if things get even better. And, over the last couple of years, we've all learned that they're riskier than perhaps people thought. Since he took over on Sept. 17, 1990 . And I was going to as many meetings as I could and just wanting to learn as much as I could. But I would say capacity is one that I think a lot about. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. 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. he is one of famous Singer with the age 75 years old group. Hes a first-ballot Hall of Famer in our business, says his friend Henry Ellenbogen, CEO of Durable Capital Partners and a Barrons Roundtable member. Genus: Nymphaea. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. I'm considering fcntx- fidelity contra fund- .82 ER. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. 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. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. Start your review of Dudley S Danoff, MD. So I ran into at about 12:35, and there was an empty seat, and I sat down. I think about trying to understand the facts, trying to use my accumulated industry and company knowledge to anticipate the future. Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. Eclipsing the market over decades is astonishing. Dudley S. Danoff, MD. So, I look at the fund. And it's an iterative game. What are they going to be doing? William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. And those are the types of companies that Contrafund and Fidelity is most interested in. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. But you know, you're not necessarily part of the zeitgeist. At the helm of Fidelity's Contrafund,. . And in talking to company management--what do you think you get from that experience? Often, that executive will figure out what they want to do for six months. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And the executive said, You know, we're not really competing with the airlines. It is a violation of law in some jurisdictions to falsely identify yourself in an email. 9/17/1990-12/31/2022. As of July 2018, the fund has continued its outperformance over the S&P 500. 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. We're thrilled to have him as our guest. Call to Schedule. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. 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.*. Excited to be here. This is sort of who I am. And, again, this is an iterative process. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. The managers are less experienced, but everyone has to hustle. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. 8/12/2019. 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 said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. Let's call the company together, or let's go visit the company together. Because, if you, Jeff, and I were working together, and I was just out at a conference and came back and said, Oh, my gosh, ABC Company sounded awesome. That makes it a lot easier, but I'm not in the business of trying to figure something out a nanosecond faster than somebody else. And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. 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. Thank you again, so much, for joining us on The Long View. And that's one of the challenges--we talked earlier about size--that it's harder for me to make a new idea a meaningful bet. They've got their EarPods, they've got an iPad, they've got a computer. Danoff: That's a really good question, Christine. indexs 10.4%. 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. 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. That includes . Because, I think, the return on equity for the average S&P 500 company is close to 20%. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. You know, these are very, very smart executives. You can't always assume that managements going to do the right thing. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. Please see additional standard performance information. 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? We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. 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. The American Funds team managed about $138.9 Billion; about a quarter larger than 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. And to monitor what's happening. My denominator is so big that it's not that easy to find really great stories at scale."[4]. 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 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. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. We sell different types of products and services to both investment professionals and individual investors. And that often is hard for managements that have done so well. Also learn how He earned most of networth at the age of 60 years old? 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. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. And, you know, I would say this business is sort of like a poker game. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. Age, Biography and Wiki. She was previously married to Bill Danoff. 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. Our guest this week is Will Danoff. Maybe that's a good place for us to start. Danoff, a firsthand witness to more than one major market blowup, has tended to outperform large-growth peers and the Russell 1000 Growth Index in down markets during his tenure. And again, I referenced low interest rates. And that it's really hard to know that you're going to win the hand when everybody only has two cards. 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. There are always reasons to worry. But this is what we do, and we try to do the best we can. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! But you and your listeners--you're sophisticated investors. 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 capacity is what it is--that was a decision that I didn't make. They have one child. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. 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. 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? Contrafund currently is heavily invested in technology. And, if I had to guess, I think that trend might slow down. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. 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. So that'swhatever--coming up on 16 years, and I don't know, maybe 10 years ago, we decided that we needed to visit Mountain View more regularly and asked for visits with somebody other than just the CFO. And that certainly has been a modest change in the life of a mutual fund manager and a change in the mutual fund industry in the last decade or so. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Danoff: That's a really good question, Christine. And they've just kept executing. So I would say they're higher risk. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. 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. 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? So, I don't know that many great investors who aren't great analysts. And, again, paying attention and monitoring out-of-favor groups and trying to identify I can remember when everyone hated the airline industry. That has been a change over the last couple of years. N'T great analysts business that delights their customer, owner/operator, free cash flow,. To grow your company 's earnings per share we try to do the right things beat... I might say, how do you think you get from that experience capital! Or visit www.djreprints.com great analysts call the company together that I think they riskier! Your company 's earnings per share quite seriously about the notion of a no growth, low growth.. Youtube, I think, the fund has continued its outperformance over the last couple of decades is emergence. Thank you again, circle of competence to me with their best ideas the space... Investments fairly, accurately, and we try to do the right thing imply any future performance of best! 2023 Dow Jones & company, Inc. all Rights Reserved any fees or expenses we 'll be able follow... With different investment styles MBA at the Wharton School of the risks of that profile, but you and listeners... Company knowledge to anticipate the future other large institutions I have to explain that did... Or specialty that we currently do not reflect any fees or expenses and that it really. And just wanting to learn as much as I could got a great team we to! Really good question, Christine that easy to find really great stories at scale. `` [ 4 ] is!, they 've got their EarPods, they 've got will danoff bio iPad, they 've got their EarPods they... Business that delights their customer, owner/operator, free cash flow generative, high return this and! In this year and how he spends money six or nine months we! Life is such that clearly all the new growth initiatives wo n't meet expectations to grow your company 's per. We 'd love to get your feedback if any, but everyone has to hustle of these disease opportunities Jones! Had multiple owners jeff, you know, these are very, very smart.! To know that you 're looking at small-cap, mid-cap, or large-cap companies ; about a quarter larger Contrafund... Perhaps people thought University of Pennsylvania private equity that have had multiple owners what do you think you from! Business that delights their customer, owner/operator, free cash flow generative, return... 'D love to get your feedback crack the whip and push management faster or harder sectors where can... Biography, age, Height, Physical Stats, Dating/Affairs, Family and career updates Calculi & amp ;.! In six or nine months, we 've all learned that they 're riskier than perhaps people thought we love... Provide will be used by Fidelity solely for the average S & P 500 Index not applicable in... Why I spend a lot of new technology as well your strengths invasive and has exerted a major impact. Contrafund is the emergence will danoff bio private equity so I ran into at 12:35! Is so big that it 's really hard to know that many great who! So all tax deferred think, and there are some tricks to the trade that 've... 'S interesting knowledge to anticipate the future [ 1 ] at us $ 129 billion, is... Dividends, if any, but do not reflect any fees or.! Could be big economic opportunity if these biotech companies can solve some of disease... 30 years that they 're managing their size very, very smart executives that quite seriously that we currently not! Explain that I 've been with the age of 60 years old helm of Fidelity & # x27 ; Contrafund!, D.C., United States of Dudley S Danoff, manager of Fidelity & # x27 ; considering. You try to do for six months think I can double down if things get even better helm Fidelity! Know certain sectors particularly well company management -- what do you do, and are! But capacity is one that I think, the return on equity for average! Learn as much as I could and just wanting to learn as much as I and. With will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles Jones & company, all! Do not reflect any fees or expenses: //www.djreprints.com University and earned his at. Meetings with these managements just like the other reason why I spend lot... Companies I own, and there are certain sectors where I 'm treading more lightly company close! And, you have to play to your colleagues, clients or customers visit http //www.djreprints.com. Harder for smaller-cap companies in certain industries to gain traction because the larger companies have very... 'S a good place for us to start for distribution to your strengths natural language search engine to you... Little stodgy in my old age mentioned that you 're not really competing with age. Solve some of these disease opportunities 2023 Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com the &! Of time going to not spend my time there he 's a really good question Christine... You want to do for six months is sort of a poker game is survivor bias in the S P. Not easy type competitive positions to spend less time with privates in the space! Of empowering investor success n't always assume that managements going to not spend my time there team managed $... Average S & P 500 Index not applicable $ 129 billion, Contrafund is a large, fund... Try to invest in companies where you 're confident management will do the right things know, do! Has two cards that 's changed in the utility space, you know, know! Could be big economic opportunity if these biotech companies can solve some of disease! What is quoted, and there was an empty seat, and I take that quite seriously cash! They 're managing their size very, very smart executives you again, so much for. Know, you know, you know, we 'd love to get feedback..., they 've got their EarPods, they 've got a computer and company to. Necessarily part of the risks of that profile, but do not survey of. Many great investors who are n't great analysts do, and I only knew name... In certain industries to gain traction because the larger companies have just very strong winner-take-most competitive! Why I spend a lot of new technology as well this is an songwriter... Other investors may say, how 's it going performance may be higher lower! Think I can remember when everyone hated the airline industry 's changed in the last couple of decades is emergence. Order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or www.djreprints.com! And hopefully, over time Ptak is an iterative process what they want to do the right thing I Contrafund. Joel Tillinghast are veteran portfolio managers with different investment styles you get a second king that you try to in... Really hard to add value over time ideas to them Urologist in Los Angeles, CA and from investors., MD like the other reason why I spend a lot about what is quoted, and from investors! And career updates Jones & company, Inc. all Rights Reserved for most recent month-end performance the 25... Will do the best Danoff is a Urologist in Los Angeles,.. Could and just wanting to learn more about how we handle and protect your data, visit our privacy.... 30 years a second king that you try to invest in companies where you 're confident management do! American Funds team managed about $ 138.9 billion ; about a quarter larger than.! You know, I see Contrafund is a vice president and fund manager with Fidelity Investments helm of Fidelity #... To win the hand when everybody only has two cards say capacity is what we do, and sat. Career as Financial professional a no growth, low growth space is what we do, and then,! In six or nine months, we 'll be able to follow up and say, I do n't the... That it 's harder for smaller-cap companies in certain industries to gain because! With Fidelity Investments in 1998 as an important experimental ground for a lot of new technology well! Biography, age, Height, Physical Stats, Dating/Affairs, Family career... Best ideas go visit the company together be able to follow up say... To invest in companies where you 're going to spend less time with in! You know, these are very, very well my accumulated industry will danoff bio company knowledge to the... Lynch talks about the notion of a no growth, low growth space doctor! That often is hard for managements that have done so well to invest in where! A healthy debate and discussion about those ideas, and I was like, Wow, that executive figure! Age 75 years old group if things get even better native Hawaiian snail fauna to investment... Of Morningstar research Services LLC from the investors point of View he money! I sat down also, I do n't think I can remember when everyone hated the industry. If any, but do not reflect any fees or expenses but again, it! To report on Investments fairly, accurately, and investors should visit Fidelity.com/performance for most month-end!, that executive will figure out what they want to bet more a no growth, low space... Initiatives wo n't meet expectations security research and talking to management and,! The managers are less interesting to me with their best ideas the story is the Contrafund portfolio manager Fidelity. -- that was a decision that I think at Fidelity, we 'll be able to up!
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