Interview Notes with Fidelity Contrafund PM – Will Danoff
-bet with the market leader with sustainable competitive advantage
-believe very strongly that stocks go up because a company’s earnings go up
-simple approach. “Is the story improving?” or “which way are the earnings going” or are earnings estimates going up or down?
-own Apple and Google – great innovative companies with bright futures
-”I want to be more like Ken Heebner. He’s my hero. His performance is staggering. What he does very well is marry the discipline of owning just the 25 names with the idea of wanting to be the best performer. That leads him to the very best-performing companies. He has an incredible knack for finding the market’s true leadership.”
-”Valuation is always the bugaboo. But you can’t get great companies at bargain prices.”
-Top 10 holdings: Google, Berkshire Hathaway, Apple, Schlumberger, ExxonMobil, Genentech, EnCana, Procter & Gamble, Hewlett-Packard, Research in Motion