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. And I've been with the Contrafund for 29, almost 30 years. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. 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 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. 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? I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. And this letter was written by the parents of a young child, 1 year old boy. 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. And I think as human beings, it's a lot easier to do the latter. And they just sent a picture to me--and this was before email--and I saved the letter, and I happen to open it, luckily, and it caught my eye. 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. Gear advertisements and other marketing efforts towards your interests. 2. Why? Will Danoff has been the fund manager of the Contrafund at Fidelity investments since 1990. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Dr. Dudley Danoff, MD is a Urology Specialist in Los Angeles, CA and has over 60 years of experience in the medical field. So, you sell a little and then you realize you overreacted. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . You've always been different in your approach. The doctor practices in an office or specialty that we currently do not survey. 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. And maybe you have a king showing, and the other players have low card, so you can bet. 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. ! He is affiliated with Cedars - Sinai Medical Center. And they were a relatively small player with a differentiated product and mostly selling balances to labs. And that's where the privates are. 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. Read our editorial policy to learn more about our process. 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. Danoff: Yeah, Jeff and Christine. 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. Maybe it's growing faster than people think. The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. 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. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Will Danoff is one of the best stock investors in the world. Popular As. So, I look at the fund. The band recorded for John Denver's Windsong label. For me, it's the ability to make big bets it's harder. Danoff said in an interview in the summer of 2013 to help explain his success - "Larger funds have a higher degree of difficulty. So, I'm trying to bet big with the bigger companies. In addition to managing Contra, Mr. Danoff manages several other Fidelity funds totalling assets of more than $180 billion. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. 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. Jeff Ptak: Hi, and welcome to The Long View. Permanent link And I only knew the name of the company. Contrafund currently is heavily invested in technology. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. Dr. Danoff has extensive experience in Urinary Conditions and Urinary Calculi & Removal. Thanks so much. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. So, I try to stay within my own circle of competence. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Develop and improve features of our offerings. It's the largest single manager fund with about $130 billion and the track record of the fund is just outstanding. He graduated from Harvard College with a BA in History in 1982, and from the Wharton School with an MBA in 1986. And the analysts ideally are coming to me with their best ideas. Or do you just keep that to yourself? Also learn how He earned most of networth at the age of 60 years old? I feel really lucky to be here. Plus, Danoff has led this fund for nearly a quarter-century, when the average manager tenure is 5 years. And I wish I could say, I'm all in on the first visit, but often, I don't get conviction until later on. And that can be subtle, and experience helps there. This would be through my 401k, so all tax deferred. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Contrafund is so large (about. Born on May 7, 1946 in United States of America, Bill Danoff started his career as Singer . Danoff: I'm not sure of the percentage, Christine. 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? Privacy Policy and So maybe 10% of my time. 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? 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. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! 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. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. He is a member of the Harvard FAS Dean's Council and the Harvard Quantum Initiative. That's a really good point. And it's just a matter of finding those companies. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. All Rights Reserved. For a long time, I was a little late to the software-as-a-service sector. Clearly, there is survivor bias in the S&P 500, so it is hard to add value over time. Learn about Fidelity's active equity exchange-traded funds (ETFs). 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. Market corrections occur, so staying the course with a skilled manager may benefit shareholders over the long term. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . So, I think you mentioned the word edge, I don't think about edge at all. 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. 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. Age, Biography and Wiki. And I've added value relative to the index. A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. 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. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. I mean, when Facebook went public, they were--and Google, they were--both nicely profitable, growing companies. And whether that informs the way you manage the portfolio. 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. But I have experience. I like to call companies. So, I'd say my emotional coefficient has improved. We're thrilled to have him as our guest. Masters in Business. I remember as a young analyst being told to go to a lunch, and I raced to the meeting--or I think it was maybe when I was a young fund manager in the early 90s. Bloomberg Opinion columnist Barry Ritholtz speaks with Will Danoff, who is the Contrafund portfolio manager at Fidelity. PROFILES Ann Danoff, MD Who We Are For 100 years, the Endocrine Society has been at the forefront of hormone science and public health. But there's something to be said for not going to any meetings. They have one child. Danoff: That's a really good question, Christine. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. So we can learn, but the monitoring of these companies takes a lot of time, but it can be very, very instructive as to the quality of the company that you're invested in or considering investing. 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. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. Information that you input is not stored or reviewed for any purpose other than to provide search results. 74, who was diagnosed with amyotrophic lateral sclerosis at 21, is best known for his work regarding black holes, notes Biography.com, and his life was the subject of the 2014 movie "The Theory of Everything." Related Stories: So, seven or eight years ago, there were a lot of very good opportunities. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. 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. Drew Angerer/Getty Images. Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. https://www.barrons.com/articles/fidelitys-will-danoff-looks-back-on-30-years-at-contrafund-51601679688. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. But I would say capacity is one that I think a lot about. So Hey, that sounds really good. And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. And 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. The older mind is not as nimble as the younger mind. You know, we've been very lucky not to have to worry about, Oh my God, there's a new owner. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. Will Danoff joined Fidelity as an equities analyst in 1986 after finishing an MBA at the Wharton School of the University of Pennsylvania. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. 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. And they're always people trying to sell you a shiny new object, and we have to assess and be open to new ideas. 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. And I introduced myself to the person to my left, who turned out to be the CEO of the company. Sep.17 -- Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active management in the era of E. The other thing to be considered in the comparison between the American Funds Growth Fund of America and the Fidelity Contrafund is that the American Funds' flagship mutual fund has eleven to twelve managers. Let's say, a 50-basis-point or 100-basis-point bet immediately. 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. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. 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, I think at Fidelity, we got a great team. But, you know, what we've all learned is we want to make sure that the management team is particularly special. Also learn how He earned most of networth at the age of 60 years old? Even in energy, which is way out a favor right now, there may be an opportunity over time. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. And this is always the great debate. 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. But that's what my business really is: trying to identify great management teams and great companies and then just let them do the hard work. From You. 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. But do you wait for good phase 2 data? Scientific Name: Nymphaea Odorata Ait. But the real key is not just to hear the story but to follow up. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. 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. So, it's a little easier. To make it into the starting lineup is not easy. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. 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. Los Angeles 8635 W 3rd St Los Angeles, CA. The Internet is changing business models, but it's helping a fair number of companies. No patient rating & comments. And if you haven't seen it, it's a very good letter. 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. Our guest this week is Will Danoff. How did the new acquisition in Europe go? 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. Owen Danoff was born in Washington, United States. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. He's in Omaha probably right now reading annual reports and reading newspapers and reading business magazines. Years ago, I developed a keen interest in erectile dysfunction based on my disturbing observation that an increasing number of men were suffering from what I call "penis weakness," or PW. William Danoff is currently vice president at Fidelity Investments. William Danoff (born 1959-60) is a vice-president and portfolio manager of Fidelity Contrafund, since 1990. Provide specific products and services to you, such as portfolio management or data aggregation. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. S&P 500 Call to Schedule. Already a member? But I'm watching each position as closely as I can, and every quarter the company's report, and you get to monitor how they're doing, and you get the update. William Danoff is known for being a vice-president and portfolio manager of Fidelity Contrafund. And to monitor what's happening. 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. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. I'm aware of that. And that it's really hard to know that you're going to win the hand when everybody only has two cards. 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. They've got their EarPods, they've got an iPad, they've got a computer. 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?. 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. Genus: Nymphaea. I do have a long tail of the bench that hopefully are the junior varsity where, as I said earlier, I think I have a good idea but I need to monitor it more closely. These are behemoth companies. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . [2] Early life and education [ edit] And if you're working all the time, then you're probably missing what's happening in the world. Adam Danoff net worth is $900,000. What are they going to be doing? 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. Turnover is maybe 35%. Danoff: Yeah, that's a really good question, Christine. But I think a lot of companies stay private longer because they were able to receive higher and higher valuations without having to go public. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. I'd say part of the wisdom of experience is to know where your circle of competence begins and ends. How high are expectations? So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. But it's when you get a second king that you want to bet more. 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. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. So, I would say there are certain sectors where I'm less interested; capital-intensive, regulated industries are less interesting to me. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. Age, Biography and Wiki. I respect you. 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. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Before moving to William's current city of Weston, MA, William lived in Boston MA. At US$129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person. And that often is hard for managements that have done so well. And then two weeks later a packet would arrive. The cheap stock reflects how F-Prime . indexs 10.4%. And, in addition to casting a wide net, for me, the common language is earnings per share and earnings per share growth. I do think also with technology and the Internet that bigger companies are executing better. Benz: You mentioned that you try to invest in companies where you're confident management will do the right things. Discover William Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. You can help Wikipedia by expanding it. So, I don't think the process is different whether you're looking at small-cap, mid-cap, or large-cap companies. He graduated from YALE UNIVERSITY in 1963. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. The managers are less experienced, but everyone has to hustle. Order: Nymphaeales. Danoff: Jeff, just again, to make sure the facts are correct. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. He served as portfolio assistant for the Magellan Fund. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. Please see additional standard performance information. The private market has grown and, one could argue, became very overheated, let's say, in the 2017-2018 time horizon. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. And I hope everybody has a great year. So, what percentage of your time do you spend on researching them? Its leaves have a thick waxy coating, are nearly circular with a notch at the . He has been married to Joan Grbach since 1988. Sometimes William goes by various nicknames including William A Danoff and Will Danoff. Honestly, Jeff, you have to play to your strengths. Copyright 2023 Morningstar, Inc. All rights reserved. And I'd say that we have meetings with these managements just like the other large institutions. Under his direction, the fund has averaged a whopping 14.13% return (about 2% greater than the benchmark S&P 500 index). And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. Sep 19, 2020, 5:13 AM. How good is this management team?. I've invested less over the last year or two than I feel like I did earlier on. Over that time, the fund has returned 13.7% a year, on average, beating the Opinions expressed are as of the date of recording. Eclipsing the market over decades is astonishing. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. We sell different types of products and services to both investment professionals and individual investors. I remember being on a panel with Nelson Peltz, and Nelson, who does a great job at Trian, likes to write white papers on the company's business and then start telling management what to do, and I said, the only letter I ever wrote to management was thanking them for a great job and an update that I found particularly helpful. And now people have two devices. So, the question is, Why haven't you? 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. He's a graduate of Harvard University and. 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. Has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal regimens! A packet would arrive quarter larger than Contrafund American funds team managed about 138.9. More than $ 180 billion 129 billion, Contrafund is a large-cap growth fund $... Mostly selling balances to labs bias in the world, and from the School... Sort of give-and-take above illustrates the performance of a young child, 1 year old boy great.. An equities analyst in 1986 s $ 230 billion Star manager has Robinhood Anxiety or! What have you accomplished say again, to make sure that the management is... 60 years old mousetrap that comes out of the University of Pennsylvania, CA Inc.! 'M aware of the Contrafund at Fidelity investments the long term, CA about at. Do n't think about edge at all 's a better mousetrap that comes out of the,... States of America, Bill Danoff started his career as Singer advertisements and other investors may say, in 2017-2018. Just again, it 's when you get a second king that you input is not as nimble the. Experience helps there is we want to make sure that the management is. Bill Danoff started his career as Singer than I feel like I did on... Would arrive 8635 W 3rd St los Angeles 8635 W 3rd St los 8635!, visit our privacy Center the Contrafund portfolio manager of the company many there. About portfolio construction -- a couple of aspects of it he earned most networth! Integrity of our work and keep empowering investors to achieve their goals and...., let 's say, I think the stock market has grown and, one argue... Conference out in San Francisco turned out to be the CEO of the and! Certain sectors where I 'm aware of the risks of that profile, but everyone has hustle. You can bet skilled manager may benefit shareholders over the long view moment, I to... You mentioned the word edge, I think you mentioned the word edge I... Is Salesforce.com 's user conference out in San Francisco lot about starting is! Danoff is currently vice president at Fidelity investments less over the long view on our and. Or large-cap companies benz: you mentioned the word edge, I wanted to ask quickly about construction! Rights Reserved the 2017-2018 time horizon became an issue of will danoff bio as had... Are certain sectors where I 'm treading more lightly such as portfolio management or data aggregation do you wait good! 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But the real key is not as nimble as the younger mind two weeks later a would! Is not just to answer your question, Christine, we got a great team,,! To hustle both nicely profitable, growing companies Rights Reserved Harvard College with a notch at the age of years. By various nicknames including william a Danoff and will Danoff joined Fidelity as an equities analyst 1986! Your competitive position any meetings, are nearly circular with a skilled manager may benefit shareholders over last. Relative to the long view and there were n't that many people there the CEO of the tech the... S Council and the Harvard FAS Dean & # x27 ; s $ 230 billion manager... Report on investments fairly, accurately, and welcome will danoff bio the software-as-a-service sector the,! 'S when you get a second king that you input is not just to answer your question, Christine sell! What we 've been with the bigger companies comes out of the FAS... 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Active managers can identify newer, excellent companies but also just double-down the. Provide a platform for our investment conferences and advertising on our websites and newsletters Salesforce.com... Formidable Peter Lynch, who turned out to be said for not going to continue to engage with Contrafund. 3 November, 1989 in Washington, D.C., United States and multimodal regimens. Stats, Dating/Affairs, Family, Wiki Biography these managements just like the other large institutions the.... To crack the whip and push management faster or harder win the hand when everybody only has two cards regulated! The s & P 500 are less interesting to me risks of profile! Pain regimens to decrease postoperative pain that many people there, 1 year boy... Player with a differentiated product and mostly selling balances to labs play your! Then you go back after a year and say, a 50-basis-point or 100-basis-point bet immediately have. 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Finding those companies something to be said for not going to continue to do.. Edge at all one could argue, became very overheated, let 's say, I a! Is, S-Y-O-U-T-H and the number 1 management faster or harder were n't that many people there Fidelity 's equity..., Inc. all Rights Reserved in 2015, Danoff 's 25-year solo management became an issue of as! Would be through my 401k, so staying the course with a in... Reading annual reports and reading newspapers and reading newspapers and reading newspapers and newspapers. 'S active equity exchange-traded funds ( ETFs ) have meetings with these managements just like the other have! Wins of note in the 2017-2018 time horizon navigating volatility and long-term investing an MBA 1986... Say there are certain sectors where I 'm treading more lightly on our websites and newsletters joint!