Fidelity's Danoff's picks

|By:, SA News Editor

"Just because a stock is up already, you haven't missed it if the story is really good," says Will Danoff, whose Fidelity Contrafund (MUTF:FCNTX) has smoked the market over his 25 years in charge, but trailed the S&P 500 last year.

With Contrafund pushing $113B in AUM, Danoff - on advice from Warren Buffett to bet big on the best ideas - has trimmed the number of stocks in the portfolio to 350 from 500.

Among the stocks where he's finding strong growth at a decent price is Associated British Foods (OTCPK:ASBFY): "They are taking Europe by storm," he says, and the chain is coming to America with an opening on Boston this fall, followed by other locations.

Others in the strong growth at a reasonable price category are Boeing (NYSE:BA) and 3M (NYSE:MMM).

Facebook (NASDAQ:FB): "Don't sell after the first double," says Danoff, believing the migration to mobile means the company will continue to increase its current $6 in revenue per U.S. user.

Source: Barron's

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