Fund Managers Reveal 6 Traits of a Good Investor

Learn the pros' secrets to successful investing.

As an investor, you've no doubt thought long and hard about what makes a good mutual fund manager. But have you ever wondered what fund managers think makes a good investor? At a recent meeting in Washington, D.C., a panel of heavyweights shared what they thought had made them successful and what they looked for when hiring other managers.

The panel was sponsored by the Investment Company Institute, the fund industry’s trade group. It featured Jack Laporte, who retired last year after two decades as manager of the T. Rowe Price New Horizons Fund (symbol PRNHX); Eddie Brown, founder of Brown Capital Management, a Baltimore investment firm and a co-manager of Brown Capital Management Mid-Cap Institutional Fund (BCMSX); and Staley Cates, co-manager of Longleaf Partners Fund (LLPFX), Longleaf International Fund (LLINX) and Longleaf Small-Cap Fund (LLSCX). The moderator was John Rogers, manager of Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). Below are six tips on how to be a better investor, from some pretty good investors.

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Anne Kates Smith
Executive Editor, Kiplinger's Personal Finance

Anne Kates Smith brings Wall Street to Main Street, with decades of experience covering investments and personal finance for real people trying to navigate fast-changing markets, preserve financial security or plan for the future. She oversees the magazine's investing coverage,  authors Kiplinger’s biannual stock-market outlooks and writes the "Your Mind and Your Money" column, a take on behavioral finance and how investors can get out of their own way. Smith began her journalism career as a writer and columnist for USA Today. Prior to joining Kiplinger, she was a senior editor at U.S. News & World Report and a contributing columnist for TheStreet. Smith is a graduate of St. John's College in Annapolis, Md., the third-oldest college in America.