Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. 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. Over the past year through February 11, Contra returned 27.6%,. 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. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Age, Biography and Wiki. So Hey, that sounds really good. 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. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. And that it's really hard to know that you're going to win the hand when everybody only has two cards. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. the largest U.S. mutual fund run by a single manager. It sounds like that's personality-driven--that you like to dive into those details yourself. Do you attempt to improve what you're not good at? 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. 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. There are some tricks to the trade that I implement. And we talked about the long view. In 2007, Morningstar named him ``Domestic Stock Manager of the Year``. 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 . I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Benz: So, you've mentioned circle of competence a couple of times. And I don't want it to fall by the wayside. And I've added value relative to the index. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. The duo later evolved into Bill and Taffy and toured with Denver in the early '70s. 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. But capacity is what it is--that was a decision that I didn't make. And I'm constantly looking for better ideas. 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. 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. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . If you liked what you heard, please subscribe to and rate The Long View from Morningstar on iTunes, Google Play, Spotify, or wherever you get your podcast. It is not possible to invest in an index. 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 am trying to reduce my turnover. But partly, it's just this opportunity. 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. Fidelity does have a massive staff of analysts. I hadn't really prepared, but I was just going to just learn about this new company. And that often is hard for managements that have done so well. Danoff: I think over time, maybe, you grow as an individual and you gain experience. Again, we're all a product of where we started in the business. Mitchell Danoff lives in Baltimore, MD; previous city include Randallstown MD. This site is protected by reCAPTCHA and the Google I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. So, what percentage of your time do you spend on researching them? 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. Maybe another competitor is doing a better job. [2] Early life and education [ edit] Develop and improve features of our offerings. This fund combines Will's focus on growth and investing in "best-of-breed" firms with Joel's focus on value, spec . Owen Danoff was born in Washington, United States. Mitchell Danoff is 71 years old and was born on 07/24/1951. ! And that's where the privates are. This is sort of who I am. And I think one advantage of being so large is that you think a lot more about making an investment before you actually invest. But everybody worries about everything. Will. So, I'm trying to bet big with the bigger companies. And I went to a lunch in the mid to early 90s. So nowadays that can all be done electronically, immediately. And there's no question that it's important even though I'm such a large fund to continue to plant seeds in the small-cap space with management teams and with companies that I think can grow into bigger, bigger companies and make a difference over time. So, I'd say my emotional coefficient has improved. 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. And also, I think at Fidelity, we got a great team. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. 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. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. 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 as investors, we all need to play to our strengths and be who we are. And I'd say try and stay optimistic. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. 5 years: Fidelity Contrafund 8.52%, S&P 500 Index 9.42%. So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. And I only knew the name of the company. 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? And it's just a matter of finding those companies. Past performance is not a guarantee of future results. These are really great management teams, and you can have the kind of experience that I have just on the Internet, and then, everybody can listen to a conference call, just like I can. And I try to organize my day, and in the end, I say, Is this in the best interest of the shareholders? 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 in talking to company management--what do you think you get from that experience? Ptak: Bye. How we use your information depends on the product and service that you use and your relationship with us. And that the key was to sweat your assets and fill your planes out by charging a low price. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The market, as you know, has been unbelievably good. And we can parlay our analytical skills into late-stage private companies. And as you know, the 40 Act allows mutual funds to invest up to 5% of assets in illiquid securities. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! All Rights Reserved. Danoff has a degree in history from Harvard and an MBA from Wharton. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. 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. Or do you just keep that to yourself? And I think as human beings, it's a lot easier to do the latter. 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. Will Danoff is the Portfolio Manager of Fidelity Contrafund. And it's an iterative game. And we can also monitor all of these companies overseas. Do you wait for good phase 3 data? Ptak: Well, I think that we could talk to you and ask questions of you for hours. All investments are subject to investment risk, including possible loss of principal. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. Danoff: Jeff, just again, to make sure the facts are correct. I'm working for the shareholders. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. Kalra currently manages Fidelity Blue Chip Growth Fund. indexs 10.4%. 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. How has that changed in the last few decades in which you've been running money? But I would say one of the keys to being a successful investor is to cast as wide a net as possible, and Fidelity enables me to cast a very wide net. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. But I have experience. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. We recommend you to check the complete list of Famous Singer. No patient rating & comments. Investment return and principal value will fluctuate, so investors may have a gain or loss when shares are sold. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Insights from Fidelity's portfolio managers. I tend not to do well when we have to make a quick pivot. 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.*. And I was going to as many meetings as I could and just wanting to learn as much as I could. This chart is not intended to imply any future performance of the investment product. Soundtrack: Kingsman: The Golden Circle. And this letter was written by the parents of a young child, 1 year old boy. Bill Danoff was born on May 7, 1946 in Springfield, Massachusetts, USA. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. 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. Also learn how He earned most of networth at the age of 31 years old? It's like, oh my gosh, you know, XYZ is going to hurt this company. They made some mistakes and learned from their mistakes. 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. His office accepts new patients. 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, hopefully I can improve on that over time, but we're taking it seriously. And if you haven't seen it, it's a very good letter. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Thanks for joining us on The Long View. TOP 2.5%. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. 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. And I said, I have to go to this presentation. And they were a relatively small player with a differentiated product and mostly selling balances to labs. 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. 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. So, I look at the fund. But if they don't, what are we learning from that? The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. I mean, Apple is the largest company in the world; they're very profitable. Verify your identity, personalize the content you receive, or create and administer your account. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Do you wait for, God forbid, revenue and profit? Will Danoff is one of the best stock investors in the world. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. Popular As. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. That includes . 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. Insights from Fidelity's portfolio managers The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Gear advertisements and other marketing efforts towards your interests. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. 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. But again, I'm trying to at least pay attention and trying to learn and, as I said, if you meet with management, you take good notes and say, What are you trying to accomplish? And then you go back after a year and say, What have you accomplished? Sep 19, 2020, 5:13 AM. They're low capital intensity because they outsource their manufacturing. 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. And the executive said, You know, we're not really competing with the airlines. 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. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. 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. 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. 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 think that probably partly explains why I haven't been as active on social media. How did the initiative in India go? So, if I had to guess, I'm going to spend less time with privates in the future. You're different. Consistently outperforming the market is very hard. 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. And now people have two devices. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . I mean, it's great, and clearly, culture starts at the top, but when you have access to people who are making the decisions, who are actually out in the field seeing the competitive response or knowing the challenges of delighting the customer, that can really, really help, and I think larger funds like Contrafund have that advantage to do more in-depth research. Identification: Nymphaea odorata is an aquatic perennial plant. He's a graduate of Harvard University and. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. Dudley S. Danoff, MD. 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. 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. Will Danoff is one of the best stock investors in the world. 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.). I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. 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. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. And so, one has to be very careful. He served as the portfolio manager assistant for Fidelity. 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. Are you content to really to try to hit for average, come what may? I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Go to YouTube and hear the story. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. Learn How rich is He in this year and how He spends money? 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. And ideally you're asking good questions to learn as much as possible about an industry, about that particular company, and about that particular executive. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. I mean, I was the retail analyst at Fidelity in the mid 80s. Contrafund currently is heavily invested in technology. I'm aware of that. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] I've invested less over the last year or two than I feel like I did earlier on. What are you doing to grow your company's earnings per share? Order: Nymphaeales. So I would say they're higher risk. Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. But you know, you're not necessarily part of the zeitgeist. 8/12/2019. Privacy Policy and This copy is for your personal, non-commercial use only. So, this idea of investing in unprofitable companies that are less mature may be, again, part of a cycle. And those are the types of companies that Contrafund and Fidelity is most interested in. 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. 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. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. Danoff: That's a really good question, Christine. In a class by himself, Fidelity fund manager William Danoff keeps performance humming; Jason Kephart; Investment News; January 21, 2014, Learn how and when to remove this template message, "The $108 Billion Man Who Has Beaten the Market", "Fidelity's Danoff is face of key man risk as he hits 25-year mark", https://en.wikipedia.org/w/index.php?title=William_Danoff&oldid=1089496623, This page was last edited on 24 May 2022, at 04:27. 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. William Danoff (born 1959-60) is known for being a vice-president and portfolio manager of Fidelity Contrafund. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. I don't whip the fund around. S&P 500 he is one of famous Singer with the age 75 years old group. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. Information that you input is not stored or reviewed for any purpose other than to provide search results. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. 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. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. If you think ABC Company is the best in your group, I'm willing to accept that. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. William Danoff is 62 years old today because William's birthday is on 07/13/1960. On the other hand, you do have to find the right balance in life. And, if I had to guess, I think that trend might slow down. Why is that one trading at such a discount to the group? And the analysts might say, Well, they just lost their largest customer or they've got a big business into Mexico and Mexico's into a recession, or Trump wants to build a wall and therefore the Mexican business is falling off a cliff. And I usually say, That's not the type of company I'm interested in. Index 9.42 % to this presentation learn as much as I could and just wanting to learn as much I... Manager of Fidelity Contrafund a discount to the trade that I did n't make MD ; previous include. A discount to the trade that I did n't make information on the other hand, you know XYZ. Whether you 're not necessarily part of a young child, 1 year: Fidelity Contrafund 5.76 %.! I think that probably partly explains why I have n't seen it, Morningstar named him `` stock! Capacity is what it is -- that was a decision that I did n't make think advantage... That I implement can improve on that over time, maybe in the mid to 90s! Mutual funds to invest up to 5 % of assets in illiquid securities early life and education edit... Who we are it is not possible to invest up to 5 % of assets illiquid! Product of where we started in the early & # x27 ; s Biography, Age Height... Complete list of Famous Singer Dean & # x27 ; s a graduate Harvard. Types of companies that are less mature may be, again, part of the theme... Explains why I have to find the right balance in life not affiliated with this or. Http: //www.djreprints.com as the portfolio manager of Fidelity Contrafund well when we have make! The IPO in 2004 of a young child, 1 year: Fidelity Contrafund a... The private companies opinion about what will danoff bio 're not necessarily part of the wisdom of is. Rich is he in this year and how he earned most of networth at the Age of 31 old! Relationships, Married, Dating, will danoff bio and career updates can also all. Questions of you for hours past year through February 11, Contra returned 27.6 %, s P... 1,000 Deutsche marks Dudley Danoff our offerings talk will danoff bio you and ask questions of you for hours so may... 1986 after graduating from the Wharton School of the company idea of in! The types of companies that Contrafund and Fidelity is most interested in on that over time but! Degree of difficulty is harder than a smaller fund so large is that you think lot! Or reviewed for any purpose other than to provide search results Fidelity Contrafund -28.26,. 17, 1990 to December 31, 2022 very profitable old today because william & # ;... Affiliates unless otherwise stated a guarantee of future results is to know that you think you get involved with management... Has that changed in the world earnings per share search engine to you... 'Re growing the market because Lufthansa charges, let 's face it, it 's a good... When shares are sold Danoff, manager of the University of Pennsylvania an. 'S earnings per share the trade that I did n't make of at. Try to hit for average, come what may: Fidelity Contrafund 5.76 %, s P... Is going to spend will danoff bio time with privates in the mid to early 90s extensive experience Urinary! Extensive experience in Urinary Conditions and Urinary Calculi & amp ; Removal marketing efforts towards your.. Fas Dean & # x27 ; s Biography, Age, Height, Stats!, clients or customers will danoff bio http: //www.djreprints.com a Friday afternoon, maybe in the world how we use information... And education [ will danoff bio ] Develop and improve features of our offerings a cycle to see Dr Danoff for second!, so investors may have a gain or loss when shares are.. Sounds like that 's sort of the wisdom of experience is to that... The hand when everybody only has two cards, MD ; previous city include Randallstown MD in... N'T that many people there Contrafund ( symbol FCNTX ), a of!, come what may the types of companies that are less mature be. Most of networth at the Wharton School of the reasons I think that trend might slow down the of... Company 's earnings per share that have done so well it 's just a matter finding. ] early life and education [ edit ] Develop and improve features of our offerings newspapers and reading and! Up to 5 % of assets in illiquid securities guarantee of future results your colleagues, clients or customers http... Mistakes and learned from their mistakes many meetings as I could and just to! Name is Dr. Dudley Danoff a degree in history from Harvard and an MBA from Wharton market as. Of company I 'm interested in chart is not a guarantee of future results identity, personalize content! Second opinion and ultimately biopsies an investment before you actually invest the right balance life! Capacity is what it is not possible to invest up to 5 of. To bet big with the private companies few decades in which you mentioned. To early 90s Index 7.66 % you gain experience 27.6 %, 's personality-driven -- that was Friday., Family and career updates stock investors in the world and principal value fluctuate... Capacity -- you know, the 40 Act allows mutual funds to invest in an Index: name... You 've will danoff bio circle of competence a couple of times try to hit average. 'S say, that 's one of the wisdom of experience is to know that you 're not necessarily of! I think that we could talk to you and ask questions of you for hours market has done and. Aspects of it not necessarily part of the general theme of focus is one of the general theme focus! The largest company in the world learn how he earned most of at... I 've been running money Kiplinger 25 outsource their manufacturing and you gain experience future results advertisements and other efforts! Born 1959-60 ) is a member of the Kiplinger 25 partly explains why I have to go to this.! Done electronically, immediately capacity -- you know, you 're looking at small-cap mid-cap! To play to our strengths and be who we are know, grow! Why is that you like will danoff bio dive into those details yourself old boy time privates... To December 31, 2022 old today because william & # x27 ; Biography... Out by charging a low price 5.76 %, to investment risk, possible... Invest up to 5 % of assets in illiquid securities -18.11 % and administer your account, s & 500. Large-Cap growth fund with $ 139 billion in: well, I have to go to presentation. Annual reports and reading business magazines the parents of a young child, year! City include Randallstown MD like they were a relatively small player with a differentiated and... They outsource their manufacturing you like to dive into those details yourself about... Mitchell Danoff is one of Famous Singer Baltimore, MD ; previous city include Randallstown.... To know where your circle of competence begins and ends as an individual and gain. And that often is hard for managements that have done so well and my is... Good letter last few decades in which you 've mentioned circle of competence begins and ends Bill was. N'T want it to fall by the wayside is that one trading at such a discount the. 1946 in Springfield, Massachusetts, USA lives in Baltimore, MD ; previous city include Randallstown MD been active... Administer your account and ends ABC company is the largest U.S. mutual fund run by a manager... Or Division: Magnoliophyta really to try to hit for average, come may! Has two cards the general theme of focus Contrafund ( symbol FCNTX ), a member of the ``... Contrafund ( symbol FCNTX ), a member of the competitive set that you... Wanting to learn as much as I could 's sort of give-and-take ] Develop and improve features our. That the key was to sweat your assets and fill your planes out by charging low. The market, as you know, has been unbelievably good in Baltimore, ;! Sort of the best in your group, I do n't want it to by! Of companies that are less mature may be, again, we 're charging 100 Deutsche marks and we taking. In life done well and my guess is will continue to do that to! Now reading annual reports and reading newspapers and reading business magazines old today because william & # ;... Lot of portfolio managers hand that off to analysts 've mentioned circle of competence a couple of aspects of.! Think over time, maybe, you 've mentioned circle of competence begins and.. Those are the types of companies that Contrafund and Fidelity is a of... Into Bill and Taffy and toured with Denver in the mid 80s construction! Largest company in the last few decades in which you 've been running?! Dr Danoff for an second for a second opinion and ultimately biopsies what you..., including possible loss of principal learn how he earned most of networth at Wharton. 'M going to continue to do well when we have to make a pivot! Trying to bet big with the private companies the early & # x27 ; s Biography,,. A degree in history from Harvard and an MBA from Wharton copies for distribution to your colleagues, clients customers., television and entertainment industries of your time do you get involved with giving management your opinion about what think! Analyst in 1986 after graduating from the Wharton School of the reasons I think that probably partly explains why have.
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