Fidelity's Contrafund portfolio manager, William Danoff, initially faced rejection when he applied for an entry-level position at Fidelity in the 1980s. However, he persisted and joined the company as an analyst in 1986. Over the past 30 years, Danoff has consistently outperformed the S&P 500 with an average annual return of 13.7%, managing the fund with nearly $125 billion in assets.

As a growth investor, Danoff focuses on companies with higher sales and earnings growth than their industry competitors. He uses earnings-per-share growth as his primary metric for analysis, which has helped him make investments that others may consider overvalued. He compares his stock selection and portfolio management approach to a chef making a stew, constantly tasting and adjusting the recipe to achieve the desired outcome.

Throughout his investment journey, Danoff has learned from his mistakes and developed a set of rules for success. Here are his top 10 investment rules:

1. Let earnings per share serve as your North Star. William Danoff believes in using earnings per share (EPS) growth as his "North Star" when investing. He cites Home Depot's early years as an example, where the company's strong fundamentals and potential for growth led to a doubling of earnings in three years.

2. Expensive stocks make great investments. Danoff acknowledges that sometimes expensive stocks can make great investments, using Starbucks' IPO as an example. He advises investors to accept that better businesses will trade at higher price-to-earnings ratios (PEs).

3. Stay abreast of different industries and different geographies. Staying informed about different industries and geographies is important, as investment ideas can present themselves unexpectedly. Danoff shares a story about a chance meeting in Ireland that led to a compelling investment pitch.

4. Own "best of breed" companies. Danoff believes in owning "best of breed" companies, which he learned through a meeting with early search engine company Ask Jeeves. He decided instead to invest in Google, which he believed was the superior business.

5. Know when to sell. Knowing when to sell a stock is crucial. Danoff emphasizes that investors should sell when they have a better idea or when the fundamentals of a company deteriorate.

6. Invest in companies with exceptional management that are open to new ideas, willing to experiment, and explore adjacent markets.

7. Have a long-term view when investing and focus on high-quality companies with strong fundamentals and growth prospects. Lowering the turnover rate can help to think longer-term and raise the bar of the companies being bought.

8. Eschew market noise and stay focused on the strength and long-term profitability of a company, instead of worrying about short-term fluctuations in the market.

9. Focus on the future and have the mental flexibility to bet big on companies that have exceptional growth potential. Don't be too concerned about missing out on a stock that has doubled or tripled in value. Instead, think about what is going to happen in the future.

10. Invest in exceptional entrepreneurs when they are younger and earlier on. Don't be afraid to invest bigger in superior managers with exceptional growth stories.