Word: danoff
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Dates: during 1990-1999
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...case last year, breaststrokers appear in short supply, especially after one of last year's breaststrokers. Nancy Danoff, decided not to return. Butterfly without a healthy Costin will also be weak: but Beth Maber, a junior transfer student from Wellesley, should improve the breastroke situation, while sophomore Jill Vejnoska will work to fill in the fly deficiencies...
...investors' clubs? Cramer, for one, says most investors can get everything they need from mutual funds: "I sure wish I could tell you that the public should be in hedge funds. But I think it's better for most people to have their money with a guy like Will Danoff at Fidelity than with some crazy man who's running around shorting everything in sight," he explains minutes before the market opens for another up day. Then, with a clap of the hands, it's off to the trading floor and the seductive promise of the dog track...
Asked what the difference is between running $300 million--the Contrafund's initial stake--and its present billions, Danoff, a rumpled 36-year-old, smiles and says, "I'm working harder." At this size, just buying or selling a meaningful amount of stock can be difficult. "I won't take a half-million-share stake in a day," he says. "I'll buy 50,000 shares a day for months to build up a position." Danoff is candid about the downside of running a fund so large: "You're racing a Mack truck against a speedster [i.e., a smaller, competing...
Should investors be concerned that the size of Fidelity's funds makes them unwieldy? "It's a reasonable worry," Danoff says. "I would close my fund [to new investors] if I really didn't think that I could beat the market over time." That is the standard answer to this question from Fidelity managers, but of course, it's not really an answer; it's a promise...
...rather than its bond portfolios.) It would be a mistake not to consider buying some of Fidelity's funds. The company's stock-picking expertise is simply too great to ignore. Stars like Steve Wymer, who manages the $1.3 billion--smallish by Fidelity's standards--Dividend Growth Fund; Will Danoff, who runs the $19 billion Contrafund; and Robert Stansky, who recently took over Magellan, are all folks to invest by. It's still too early to rate Stansky's run at Magellan, but he was a standout at the Growth Company Fund. Fidelity's array of 35 sector funds, each...