Michael Mauboussin's list of great investor traits is worth revisiting every year.

Most people focus on analysis skills or market timing. That's not what separates the best from the rest.

The real edge? Temperament. Patience. The ability to sit still when everyone else is panicking or euphoric.

Great investors don't predict the future—they position themselves to survive their own mistakes and capitalize when others can't. They understand that being right occasionally matters less than not being catastrophically wrong.

They also know when to do nothing. That's the hardest skill to learn and the easiest to forget.