To bolster its capital base and get more focus, Bank of America (NYSE: BAC) has been in the process of unloading noncore assets. And, we got the latest deal today; that is, the company has agreed to sell its long-term asset management unit, Columbia Management, to Ameriprise Financial (NYSE: AMP). The price tag comes to roughly $1 billion.

Columbia is certainly a nice business, with a wide assortment of stock and bond mutual funds. One of its standout funds is the Acorn Fund, whose manager is Charles McQuaid.

The new Money magazine features a refreshing change from the usual cast of pundits projecting the future of the market. In the Minds Over Money feature, they interviewed fund manger Ralph Wanger of Acorn Fund. But rather than the usual flavor of the month questions, they asked him about his investing philosophy, with questions like "Why do you think you turned out to be a good investor?" and "Are the principles of investing helpful elsewhere in life?" While the interview contains no hot tips, I think investors can gain a lot of insight from it. Among his key points:

-Stick to a clear philosophy with a manageable goal.

-"Investing, especially in small companies, is a home-run-hitter's game." No one remembers how many strikeouts Babe Ruth had, because he had so many home runs. The careers leaders in strikeouts include numerous Hall of Famers: Reggie Jackson, Lou Brock, and Mickey Mantle, just to name a few.

-The key to investing: "identify a long-term trend that will give a particular business some sort of edge."

Interviews with money managers that are more circumspect and cerebral are a nice change from the usual "Where is MSFT headed in the next month?" I hope (and seriously doubt) that the financial media will begin to cover more of the philosophy of investing, and move away from the day to day guess (sorry ... I mean ... projections).