The Collaborative International Dictionary of English v.0.48:

Fair-haired \Fair"-haired`\, a.
   1. Having fair or light-colored hair.
      [1913 Webster]

   2. favorite; considered especially talented or promising; as,
      the fair-haired boy of the literary set. [prenominal]
      [informal]

   Syn: blue-eyed(prenominal), white-haired(prenominal),
        white-headed.
        [WordNet 1.5 +PJC]

WordNet (r) 3.0 (2006):

fair-haired
    adj 1: favorite; "the fair-haired boy of the literary set" [syn:
           blue-eyed(a), fair-haired(a), white-haired(a)]