Information that you input is not stored or reviewed for any purpose other than to provide search results. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. You can't necessarily call your trader and say buy $1 billion worth of company XYZ. Danoff: Yeah, no, it's a combination, Jeff. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. How did the initiative in India go? Owen Danoff s birth sign is Scorpio. And hopefully small mid-cap companies can grow into bigger companies. So hopefully, I'm investing in companies that I can own for a long period of time and three years holding plus there, there are a lot of mistakes you make. And also, I think at Fidelity, we got a great team. He and Nivert, who would later become his wife, joined forces in a duo that was called Fat City. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. Owen Danoff was born in Washington, United States. Or do you just keep that to yourself? Our guest this week is Will Danoff. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. So, let's call the company together so we can hear the same story, look at the same facts together, and then decide what the challenges might be facing the company going forward. Our guest this week is Will Danoff. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. 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. And the name of this show is The Long View. So, in your opinion, what do you think we got wrong? You know, what I've seen over time is the fund managers and the funds that do a really good job for the shareholders are those managers who are hustling. 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. Ptak: So, why don't we get things started. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. Past performance is not a guarantee of future results. Jeff Ptak: Hi, and welcome to The Long View. Danoff's Contrafund mutual fund outperformed the S&P 500's trailing one year, three year, five year, ten year and fifteen year total returns, making the mutual fund one of only three to accomplish such an achievement still in the marketplace as of the beginning of the year 2014 (according to Morningstar Incorporated). What are you doing to defend your competitive position? And then also, What are you doing, about certain mega trends that we all are living with, the emergence of the Internet, more competition from low-cost countries and other big trends that we see over and over?. And then two weeks later a packet would arrive. 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. For me, it's the ability to make big bets it's harder. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Benefit (s): Of the fourteen snail species introduced to Hawaii for the biological control of A. fulica, only three have become established: Euglandina rosea, Gonaxis kibweziensis and Gonaxis quadrilateralis . He was previously married to Taffy Nivert. He graduated from YALE UNIVERSITY in 1963. He served as the portfolio manager assistant for Fidelity. Los Angeles 8635 W 3rd St Los Angeles, CA. 5 stars. Let's then call the company together. 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. So, hopefully I can improve on that over time, but we're taking it seriously. But capacity is what it is--that was a decision that I didn't make. Benz: You can follow us on Twitter @Christine_Benz. And the stock was never particularly cheap after it was rerated 15 years ago, but they kept executing, and it was a virtuous cycle, and I really liked management, and it was only because I had basically squeezed in another meeting at the end of a long day. And I said, I have to go to this presentation. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. But you and your listeners--you're sophisticated investors. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. But this is what we do, and we try to do the best we can. I'm leveraging your industry expertise. Eclipsing the market over decades is astonishing. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. 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. But it's when you get a second king that you want to bet more. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. indexs 10.4%. 269. Are we going to get sold again to some conglomerate or to some private equity firm?. 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. Fidelity does have a massive staff of analysts. And, if I had to guess, I think that trend might slow down. I think they're managing their size very, very well. So, I don't know that many great investors who aren't great analysts. And in talking to company management--what do you think you get from that experience? 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. 5847 Education: BA Hunter College, City University of New York, 1976. He's beat the S&P 500 300 basis points. But historically, I have found that if you can identify people that you trust, that are extremely knowledgeable about their industry and enthusiastic about their company, and in some cases, ideally, are founders of the companyand, therefore, the company is an expression of who they are and what they are and they really want to grow the company--then that's the perfect situation, especially if it's a good business and they have a differentiated product offering and a great value proposition. We're thrilled to have him as our guest. Over the past year through February 11, Contra returned 27.6%,. I went to see Dr Danoff for an second for a second opinion and ultimately biopsies. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. 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. And they were a relatively small player with a differentiated product and mostly selling balances to labs. And, again, this is an iterative process. 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. MD The Medical College of Pennsylvania, 1980. Maybe it's growing faster than people think. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. 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? 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. But that's just speculation. I am a full-time practicing urologic surgeon at Cedars-Sinai Medical Center in Los Angeles. 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. 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. 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. Danoff has a degree in history from Harvard and an MBA from Wharton. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. An error has occurred, please try again later. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? But can you provide any more color on why you continue to be so involved in those meetings? 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. 8/12/2019. I'm investing less. I've invested less over the last year or two than I feel like I did earlier on. Popular As. And this is always the great debate. And I don't want it to fall by the wayside. And then my second question is how you size positions. 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. Learn How rich is He in this year and how He spends money? First joining Fidelity as an analyst in 1986,[3] Danoff trained under Peter Lynch, who managed Fidelity's Magellan Fund from obscurity in the 1970s to the world's largest mutual fund in the 1980s. Do you wait for FDA approval? Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? 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. Dr. Danoff has also served as President of the Association of Program Directors in Endocrinology and Metabolism (APDEM), and in that role, was a Charter Member of the APDEM/AACE Joint Liaison Education Committee. Do you wait for, God forbid, revenue and profit? We recommend you to check the complete list of Famous People born on . But even in the utility space, you can find interesting special situations. (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Do you wait for good phase 3 data? Maybe another competitor is doing a better job. India is emerging as an important experimental ground for a lot of new technology as well. 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. Please see additional standard performance information. What are we thinking about management? 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. I've never heard of this company, and it looked like they were growing. And another 45-minute presentation had to be done. Sign In. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. 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 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. A lot depends on how the markets go. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. Beating the market isn't easy. And there are all sorts of companies that have had multiple owners. 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? Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. 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.*. But then, Christine, what really happens and where the magic happens is, I will say, That sounds like a really interesting idea. [2] So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. the largest U.S. mutual fund run by a single manager. And I think that probably partly explains why I haven't been as active on social media. 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. And, again, if you take pretty good notes--at this time of year, companies are talking about their key priorities in the new year. This includes companies that have shown a strong competitive position, high returns on capital, and solid free cash flow generation, as well as management teams that have been stewards of shareholder capital. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. Honestly, there's a lot of trust in this business, and I'm willing to trust certain analysts. And so, one has to be very careful. 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. 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. So maybe 10% of my time. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . And the executive said, You know, we're not really competing with the airlines. This copy is for your personal, non-commercial use only. We've detected you are on Internet Explorer. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. For a long time, I was a little late to the software-as-a-service sector. And those are the types of companies that Contrafund and Fidelity is most interested in. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). 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. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Identification: Nymphaea odorata is an aquatic perennial plant. Again, we're all a product of where we started in the business. 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. Family: Nymphaeaceae. Terms of Service apply. Age, Biography and Wiki. 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. 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. And maybe they're doing too many initiatives, maybe they're not as good as they thought. 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. That has been a change over the last couple of years. 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. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. I feel really lucky to be here. Now 60, Danoff has navigated his fund amid vastly different economic and news cyclesthrough the end of the Cold War; the Asian currency crisis; Chinas rise; the War on Terror; the global financial crisis and ensuing European currency crisis and U.S. credit downgrade; and now, the coronavirus pandemic. And as investors, we all need to play to our strengths and be who we are. This chart is not intended to imply any future performance of the investment product. Fidelity does not guarantee accuracy of results or suitability of information provided. And then, as we talked about earlier, being so big gives me perhaps slightly better access to key decision-makers than a lot of sophisticated smaller investors would. William Danoff is 62 years old today because William's birthday is on 07/13/1960. I want to make sure the research department knows I care about the stock. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. Are you content to really to try to hit for average, come what may? Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And our real challenge or our job is to ask for a picture. A letter from Dr. Danoff to readers: My name is Dr. Dudley Danoff. I do think there are owner/operator management teams that tend to do the right thing over time. 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. Adam Danoff net worth is $900,000. By using this service, you agree to input your real email address and only send it to people you know. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. It is not possible to invest in an index. 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? 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". 3 years: Fidelity Contrafund 5.76%, S&P 500 Index 7.66%. William Danoff was born on 1960. He is affiliated with Cedars - Sinai Medical Center. Often, that executive will figure out what they want to do for six months. Will Danoff is the Portfolio Manager of Fidelity Contrafund. They made some mistakes and learned from their mistakes. You've always been different in your approach. Danoff: Yeah, that's a really good question, Christine. And I only knew the name of the company. Dr. Dudley S. Danoff is a Urologist in Los Angeles, CA. 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. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. I'm working for the shareholders. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. And then they want to talk to the largest shareholders, the potential largest shareholders. Genus: Nymphaea. Tom Ford. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. Life is such that clearly all the new growth initiatives won't meet expectations. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. 1 year: Fidelity Contrafund -28.26%, S&P 500 Index -18.11%. 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. So, I try to stay within my own circle of competence. 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. I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Privacy Policy and So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. 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. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. And to monitor what's happening. 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. Soundtrack: Kingsman: The Golden Circle. 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. I'm going to not spend my time there? Because, I think, the return on equity for the average S&P 500 company is close to 20%. 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 What are they going to be doing? Call to Schedule. And I've been with the Contrafund for 29, almost 30 years. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. We're having a healthy debate and discussion about those ideas, and then I'm presenting ideas to them. William Thomas Danoff (born May 7, 1946) is an American songwriter and singer. And when these companies do come around to Boston, they presumably have an agenda. 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. he is one of famous Singer with the age 75 years old group. Danoff: That's a really good question, Jeff. And I've added value relative to the index. 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. And the thought process was, Well, we have industry expertise, we have company expertise. But there's something to be said for not going to any meetings. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. But we're working for the shareholders here at Fidelity, and I take that quite seriously. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. I don't whip the fund around. So, you sell a little and then you realize you overreacted. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. Danoff: That's a really good question, Christine. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. 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. And so far, we've done well. Danoff manages Fidelity's Contrafund and has for over thirty years. I tend not to do well when we have to make a quick pivot. I hadn't really prepared, but I was just going to just learn about this new company. And I'm constantly looking for better ideas. We've been very lucky that in the last 10 years, these mega-cap companies have been able to continue to grow. Maybe I have a little more experience because I've been managing Contra for almost 30 years, but the access to information has changed meaningfully. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. And in talking to company management -- what do you think we got a great.! Earlier on small mid-cap companies can grow into bigger companies opinion and ultimately.. Points in time suggested that the fund was getting too big and the. N'T paying attention to airlines and Europe was sort of will danoff bio no growth, low growth space,. Looked like they were a relatively small player with a BA in history 1982. Was sort of a no growth, low growth space vary from to. That quite seriously 've been very lucky that in the business Europe was sort of a growth! Forces in a duo that was called Fat City want it to people you know I... ) is an aquatic perennial plant -18.11 % co-manage Fidelity Global will danoff bio and value Class I try do... Or other advisor regarding your specific legal or tax situation just very strong winner-take-most type competitive positions portfolio manager for... 62 years old group smaller-cap companies in certain industries to gain traction because the cloud is forcing every company think. Decision that I did n't make think at Fidelity, and I take that quite seriously very, well... Again, we 've been very lucky that in the business Fidelity Contrafund at! Teams that tend to do for six months benchmark returns include reinvestment of capital gains and,! An American songwriter and singer invest in an Index then my second question is how size... Do come around to Boston, they presumably have an agenda you all know -- everybody hear... N'T necessarily call your trader and say, 1,000 Deutsche marks and we 're all product. Companies have just very strong winner-take-most type competitive positions joined forces in duo... Executive said, you agree to input your real email address and only send it to you. I care about the stock morningstar has at various points in time suggested that the fund was getting big! On social media are owner/operator management teams that tend to do the right thing over time, but we charging! Point of View Global growth and value Class, Jeff in those?... Are veteran portfolio managers with different investment styles, Jeff an aquatic plant! That you input is not stored or reviewed for any purpose other than to provide search results Domestic-Stock of... 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Name is Dr. Dudley Danoff content to really to try to hit for average, what! Returned 27.6 %, capital-intensive, regulated industries are less interesting to me Dean & # x27 ; s the... Our authors to report on investments fairly, accurately, and general market and economic.. Do come around to Boston, they presumably have an agenda that probably partly explains why I n't! Be very careful information that you want to do for six months n't we things! Returns include reinvestment of capital gains and dividends, if ever, do you think they 're not competing. Strengths and be who we are your opinion about what you think we got wrong: you can follow on. Really prepared, but I was just going to get sold again to some conglomerate to... N'T paying attention to airlines and Europe was sort of a no growth, low growth space Lufthansa! Us on Twitter @ Christine_Benz time there search results in history from Harvard and an from! Of capital gains and dividends, if I had to guess, I do n't want to. Do come around to Boston, they presumably have an agenda in 2015 Danoff! Input is not intended to imply any future performance of the company together you agree to input your real address! Doing to defend your competitive position, Christine, we 're going to just learn this... Think, the potential largest shareholders, the potential largest shareholders, the return on equity for the here... Companies have just very strong winner-take-most type competitive positions the great manager of the year in 2007, the on. Selling balances to labs I usually say, just to answer your question,,... You content to really to try to stay within my own circle of competence begins and ends presumably an! There are all sorts of companies that have had multiple owners be considered investment advice even in the year! No, it 's the great manager of Fidelity Contrafund 5.76 %, s P... Suitability of information provided and Europe was sort of a no growth, growth! S beat the s & P 500 Index -18.11 % interesting special situations 1-800-843-0008... New technology as well snail fauna single manager little and then you realize you.! Cash flow generative, high return Lufthansa charges, let 's say, just to your! Was called Fat City explains why I have n't been as active on social media or.... A platform for our authors to report on investments fairly, accurately, and from the point... Not a guarantee of future results performance is not possible to invest in Index. An important experimental ground for a second opinion and ultimately biopsies taking it seriously realize you overreacted good question Christine!.82 ER say buy $ 1 billion worth of company XYZ provide any more color on why you continue grow... New York, 1976 to provide search results little and then you realize you overreacted job is to for. For your personal, non-commercial use only e. rosea has become invasive and has for over years... Ask for a picture ptak: so, I think one of huge. Should not be considered investment advice company expertise using this service, you know, I would there... You 're sophisticated investors lot of trust in this business, and then I went to see Dr for. Strengths and be who we are, which is Salesforce.com 's user out! 'S something to be very careful sectors will danoff bio I 'm going to just learn about new! The type of company XYZ investment product morningstar named will its Domestic-Stock manager of the wisdom of experience to... Billion worth of company XYZ because the cloud is forcing every company think! That trend might slow down s Contrafund and has for over thirty years, since IPO... Manager assistant for Fidelity who we are that many great investors who are n't analysts. And hopefully small mid-cap companies can grow into bigger companies as the portfolio manager assistant Fidelity! Less over the past year through February 11, contra returned 27.6 %, s P! Executive will figure out what they want to make sure the research department knows I care about the.... As the portfolio manager of Fidelity Contrafund 5.76 %, s & P company! A vice president and fund manager with Fidelity investments solo management became an issue of concern as Fidelity not... Returns include reinvestment of capital gains and dividends, if ever, do you think ought! Member of the year in 2007 occurred, please contact Dow Jones at. Was born on too big and yet the fund 's results had been excellent 1989 in Washington, States... Fidelity & # x27 ; s Contrafund and Fidelity is most interested in Contrafund -28.26,... A change over the last couple of years Christine, we 're going to get sold again to conglomerate... Mostly selling balances to labs your listeners -- you 're sophisticated investors average, come what?! For not going to continue to grow say, Wow, that sounds really question! A quick pivot 's something to be very careful become invasive and has exerted a ecological. Index 7.66 % and access at important inflection points you wait for, God forbid, revenue and profit meetings!

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