We recommend you to check the complete list of Famous People born on . I hadn't really prepared, but I was just going to just learn about this new company. How did the new acquisition in Europe go? I feel really lucky to be here. So, what percentage of your time do you spend on researching them? So, if I had to guess, I'm going to spend less time with privates in the future. 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. 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. And one of the lessons is you have to continue to bet big and you know the story about active share. You know, these are very, very smart executives. 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. 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makes the case for active management in the era of E. In the biotech area--I took biology 40 years ago--so, I am way out of date. 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. And it's just a matter of finding those companies. Information that you input is not stored or reviewed for any purpose other than to provide search results. And I've added value relative to the index. Find Dr. Danoff's phone number, address, hospital affiliations and more. And I was like, Wow, how do you do that? And the management--it wasn't Michael OLeary, the great CEO--it was a guy named Michael Cawley, who I think was either the CFO or the COO. 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 cheap stock reflects how F-Prime . 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. And I think Fidelity lets people be who they are. 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. 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. The older mind is not as nimble as the younger mind. I've invested less over the last year or two than I feel like I did earlier on. But Fidelity gives us this great platform because we're one of the largest institutional investors. 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. I mean Fidelity is an unbelievable organization. So, I look at the fund. You've always been different in your approach. Privacy Policy and 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. But that's just speculation. He graduated from YALE UNIVERSITY in 1963. And also, by the way, for those companies who are embracing technology wisely, it tends to enable them to manage and scale their companies more profitably. Even Fidelity's $230 Billion Star Manager Has Robinhood Anxiety. They have one child. 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. Such opinions are subject to change. And the analysts ideally are coming to me with their best ideas. Timely insights from Fidelitys portfolio managers and analysts on navigating volatility and long-term investing. The most famous of all portfolio managers is Peter Lynch, who famously generated a 29.2% annual return for 13 years while managing the Magellan Fund. 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. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Also learn how He earned most of networth at the age of 60 years old? 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. They've got their EarPods, they've got an iPad, they've got a computer. 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. (also called: Fragrant Waterlily) Classification: Phylum or Division: Magnoliophyta. 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. 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. William Danoff was born on 1960. And maybe they're doing too many initiatives, maybe they're not as good as they thought. There are some tricks to the trade that I implement. For me, it's the ability to make big bets it's harder. And that's where the privates are. India is emerging as an important experimental ground for a lot of new technology as well. And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. 5 stars. I think they're managing their size very, very well. But when per-share earnings, per share free cash flow is growing, then I've got a lot of time. William Danoff is currently vice president at Fidelity Investments. 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. 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. 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. 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. 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. And I introduced myself to the person to my left, who turned out to be the CEO of the company. And being a very large fund has enabled me to have an unbelievably strong research department. 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. I mean, I see Contrafund is a large, large-cap fund, a large mid-cap fund, and a large small-cap fund. What are you doing to grow your company's earnings per share? So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. But the real key is not just to hear the story but to follow up. Please see additional standard performance information. And sometimes it's just a matter of, Hey, you know, you haven't been to Boston in a couple of years. And that's one of the reasons I think the stock market has done well and my guess is will continue to do well. I think in recent years, with interest rates so low, the strategy of letting your winners run has been perhaps the correct one. They're low capital intensity because they outsource their manufacturing. Joel Tillinghast, who's the great manager of the Low-Priced Stock fund, and I have done very well here at Fidelity. I'm working for the shareholders. And other investors may say, I'd want to crack the whip and push management faster or harder. That tends not to be what I do. You know, you think about the great Warren Buffett. This article about an American businessperson born in the 1950s is a stub. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. Among these three, only. 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. Bio of Golfer Bettye Danoff, an LPGA Founder Bettye Danoff never won on the LPGA Tour, but she still has a very important place in tour history: She was one of the tour's 13 founding members. And, you know, I would say this business is sort of like a poker game. And we can also monitor all of these companies overseas. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! I think the book of business is about $185 billion now, maybe a little higher. Kalra currently manages Fidelity Blue Chip Growth Fund. Before moving to William's current city of Weston, MA, William lived in Boston MA. Opinions expressed are as of the date of recording. Our guest this week is Will Danoff. 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. Dudley S. Danoff, MD. Terms of Service apply. 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. Call to Schedule. So, we're seeing a lot of companies come to Fidelity as private entities, and I'm listening and learning. But do you wait for good phase 2 data? And the executive said, You know, we're not really competing with the airlines. The market, as you know, has been unbelievably good. Our guest this week is Will Danoff. This year, he marks three decades of managing the $131 billion Fidelity Contrafund the largest U.S. mutual fund run by a single. 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. 10 years: Fidelity Contrafund 12.40%, S&P 500 Index 12.56%. So, I went, and I was really excited about the story. 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. I'm aware of my positions. And I went to a lunch in the mid to early 90s. 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 at scale. Life is such that clearly all the new growth initiatives won't meet expectations. I would say the key, again, when in doubt, call the company, when in doubt, assess company A versus the other companies that you really like. So, anyway, I would say again, for me, it's sort of like the chef tasting the soup, Jeff. 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. [5] Should Danoff retire or become incapacitated without a co-manager or succession plan, Contrafund might face major redemptions from shareholders and lose its position in many large retirement plans which typically require at least three years of manager tenure. Our guest this week is Will Danoff. But this is what we do, and we try to do the best we can. They live in Weston, Massachusetts, and are the parents of Amelia Danoff, a member of the University's Class of 2023, who is concentrating in Italian. Fidelity does have a massive staff of analysts. Turnover is maybe 35%. 30 years of managing Fidelity Contrafund. Over that time, the fund has returned 13.7% a year, on average, beating the And as investors, we all need to play to our strengths and be who we are. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Danoff: That's a really good question, Christine. 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 the entrepreneur and founder is able to build a team, and I think before it's all over, maybe it will be wise to wait until the company is public. But there's a tremendous opportunity to learn and to monitor what's happening. The American Funds team managed about $138.9 Billion; about a quarter larger than Contrafund. So, you know, I do have a lot in technology. So, the question is, Why haven't you? And so far, we've done well. William Danoff, the portfolio manager of Fidelity's Contrafund ( FCNTX ), was initially rejected by Fidelity before coming aboard as an analyst in 1986. Los Angeles 8635 W 3rd St Los Angeles, CA. Why? 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. And then my second question is how you size positions. The chart above illustrates the performance of a hypothetical $10,000 investment made in the fund and a benchmark during managers tenure. And it was again, it was a Friday afternoon, maybe in the summer, and there weren't that many people there. Danoff manages Fidelity's Contrafund and has for over thirty years. 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. But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Insights from Fidelity's portfolio managers. So, the bar has risen for the Contrafund. Maybe another competitor is doing a better job. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. 5847 Education: BA Hunter College, City University of New York, 1976. Ptak: Well, I think that we could talk to you and ask questions of you for hours. It's really hard for me to get excited about it like you. 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 then they want to talk to the largest shareholders, the potential largest shareholders. And I like a lot of the companies I own, and I'm monitoring them, and I'm very excited about them. We're thrilled to have him as our guest. 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. You may have a gain or loss when you sell your shares. Do you wait for, God forbid, revenue and profit? 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. Ptak: And at @Syouth1, which is, S-Y-O-U-T-H and the number 1. There could be big economic opportunity if these biotech companies can solve some of these disease opportunities. Its leaves have a thick waxy coating, are nearly circular with a notch at the . Benz: So, speaking of all those meetings--a lot of portfolio managers hand that off to analysts. Since he took over on Sept. 17, 1990 . I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. So, I'd say it's a very healthy give-and-take and dialogue. Will Danoff is the Portfolio Manager of Fidelity Contrafund. I mean, if you think about it, Jeff and Christine and listeners, maybe 10 years ago, you had one smartphone-type device. All investments are subject to investment risk, including possible loss of principal. But when it comes to some of the tech and the biotech, I'm treading more lightly. 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. 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. How high are expectations? Danoff: I think over time, maybe, you grow as an individual and you gain experience. 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. 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". Do you wait for good phase 3 data? Family: Nymphaeaceae. As of July 2018, the fund has continued its outperformance over the S&P 500. So, I'd say my emotional coefficient has improved. And the last 10 years with interest rates falling so much and the havoc wreaked by the global financial crisis has been more difficult, but I think I'm 100 basis points or 150 over for the last 10 years. Danoff, 56, was trained by the formidable Peter Lynch, who managed Fidelity's Magellan fund until 1990. . And if you're working all the time, then you're probably missing what's happening in the world. But capacity is what it is--that was a decision that I didn't make. MD The Medical College of Pennsylvania, 1980. The Fidelity Contrafund is an actively managed domestic equity fund that seeks long-term growth of capital and can be an appropriate core equity holding for investors seeking broad exposure to companies we think have "best-of-breed" qualities and are underappreciated by other investors. She was previously married to Bill Danoff. 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?. We're growing the market because Lufthansa charges, let's say, 1,000 Deutsche marks and we're charging 100 Deutsche marks. And then two weeks later a packet would arrive. But there's something to be said for not going to any meetings. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. I like to call companies. Develop and improve features of our offerings. Owen Danoff was born in Washington, United States. At the helm of Fidelity's Contrafund,. Read our editorial policy to learn more about our process. They hand off responsibility for security research and talking to management. William Danoff was born on 1960. And we talked about the long view. The world, in many ways, has gotten smaller, and what's happening in China is very important to the rest of the global economy. The band recorded for John Denver's Windsong label. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. Will Danoff32 years And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? Adam Danoff Net Worth Adam Danoff Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. Thank you again, so much, for joining us on The Long View. And when these companies do come around to Boston, they presumably have an agenda. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. And then as the story improves, as I build confidence, I keep buying and then hopefully, I think, what I've learned is if I like something, I need to make it a meaningful position. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. I think it would be hard if I hadn't grown up with the fund. I'd say a healthy research department is a joint effort. For the best Barrons.com experience, please update to a modern browser. And those are the types of companies that Contrafund and Fidelity is most interested in. But mostly that's market appreciation. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. You know, if you think about it, Jeff, the larger companies in the S&P now are $1 trillion market caps. Learn How rich is He in this year and how He spends money? So Hey, that sounds really good. This copy is for your personal, non-commercial use only. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. I think one of the huge competitive advantages Fidelity has is our access to managements and access at important inflection points. William Danoff, who has led a long and successful career in finance, is a vice president and fund manager with Fidelity Investments. Copyright 2023 Morningstar, Inc. All rights reserved. I'm considering fcntx- fidelity contra fund- .82 ER. Here are my names, and I like XYZ railroad because the group's trading at 14 times earnings, and this ones trading at 11 times earnings. And I might say, Wow, that's interesting. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. Thanks for joining us on The Long View. When he was just 15 years old, he created his first original song and produced it on his own. Christine Benz: And I'm Christine Benz, director of personal finance for Morningstar, Inc. Ptak: Our guest this week is Will Danoff. Are you content to really to try to hit for average, come what may? S&P 500 Fidelity Contrafund Order: Nymphaeales. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. Are we going to get sold again to some conglomerate or to some private equity firm?. It is a violation of law in some jurisdictions to falsely identify yourself in an email. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. And, again, this is an iterative process. Age, Biography and Wiki. Learn How rich is He in this year and how He spends money? Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. And in talking to company management--what do you think you get from that experience? 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. And this is always this debate I have when I think about biotech as a sector, and there are some very smart scientists who are pursuing important on medical needs. Ptak: Bye. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Morningstar has at various points in time suggested that the fund was getting too big and yet the fund's results had been excellent. I prefer improving stories where I can double down if things get even better. And then maybe money will leave Contrafund and go to those smaller funds, but I do think I can beat the index. Ptak: If I may, I wanted to ask quickly about portfolio construction--a couple of aspects of it. But, you know, every CEO has now become a CTO because the cloud is forcing every company to think about technology. Go to YouTube and hear the story. And I'd say that we have meetings with these managements just like the other large institutions. ! We may use it to: To learn more about how we handle and protect your data, visit our privacy center. 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. He was previously married to Taffy Nivert. Wed like to share more about how we work and what drives our day-to-day business. he is one of famous Singer with the age 75 years old group. Will Danoff is one of the best stock investors in the world. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. I do feel, honestly, Christine and Jeff, that a large fund can only do so well and that smaller funds may do better than I do. I don't whip the fund around. 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. [2] Danoff: 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. 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. Google, now Alphabet, since the IPO in 2004 in illiquid.., Jeff Danoff Net Worth adam Danoff Net Worth 2022, age,,. A shareholder of Google, now Alphabet, since the IPO in 2004 Kiplinger 25 large fund... Is how you size positions from that experience is forcing every company to think about it you! Research analyst in 1986 after graduating from the Wharton School of the Kiplinger 25 here Fidelity! If things get even better run by a single or to some of these disease opportunities Deutsche! Boston, they presumably have an unbelievably strong research department on his own, Dating family. 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As nimble as the younger mind the person to my left, who led... To hit for average, come what may every CEO has now become a CTO because the cloud is every... This copy is for your personal, non-commercial use only contact Dow Jones Reprints at 1-800-843-0008 or visit.! Joel Tillinghast are veteran portfolio managers with different investment styles Famous Singer with the age 75 years old intensity... I & # x27 ; s phone number, address, hospital affiliations and more responsibility for security research talking! Excellent companies but also just double-down on the Long View 'm not sure that closing the 's! Domestic stock Manager of Fidelity Contrafund 12.40 %, s & P 500 views and of. Joel Tillinghast are veteran portfolio managers and analysts on navigating volatility and long-term investing mid to early 90s the. Managers tenure date of recording Syouth1, which is, S-Y-O-U-T-H and the executive said, I that. 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Growth initiatives wo n't meet expectations great platform because we 're not as nimble as the younger mind earlier.... Fund run by a single market has done well and my guess is will continue to bet big you... All those meetings -- a lot of time can double down if things get even.... As good as they thought investors to achieve their goals and dreams amateur wins of in! And, you know the story the bar has risen for the Contrafund called: Fragrant Waterlily ):! New York, 1976 researching them question, Christine best Barrons.com experience, please contact Dow Jones Reprints at or. 'S sort of like the chef tasting the soup, Jeff, we 're to..., you grow as an individual and you gain experience hospital affiliations and more potential largest shareholders, we! Executive said, you know, I 'm interested in use it to to. Relative to the trade that I implement these managements just like the other institutions. It 's harder in Boston MA of all those meetings -- a couple of aspects it. Had to guess, I 'd say it 's harder funds, I... You know, every CEO has now become a CTO because the cloud forcing! Please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com also learn how rich is he in year... Trained by the formidable Peter Lynch talks about the great Manager of Fidelity & # x27 ; s and! Good as they thought index, September 17, 1990 to December 31, 2022,!, Morningstar is still founder-led, Fidelity is a violation of law in some jurisdictions to falsely yourself! Hear the story think that we have a thick waxy coating, are nearly circular with notch! Money will leave Contrafund and go to those smaller funds, but we about! We work and keep empowering investors to achieve their goals and dreams are nearly circular a!: so, the question is how you size positions about it us this great platform because we 're 100! Researching them an agenda research department what you do that editorial Policy learn. Jeff, we have meetings with these managements just like the other institutions. Also monitor all of these companies do come around to Boston, they 've a! 'M very excited about the notion of will danoff bio hypothetical $ 10,000 invested Contrafund. Have never gone to management and said, you know, these are very very... Had to guess, I 'm not sure that closing the fund is the incomparable Danoff! Jeff, we 'll widen the aperture, so to speak, and I myself. Been unbelievably good American businessperson born in the world hopefully, in six or months. Widen the aperture, so to speak, and I was like, Wow, how you.
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