Because it is the role of the bass to provide the bottom end of the sound of the band, it is usually best to stay on the lower part of the neck, or at least on the lower strings, for most of the time. If you play too much high up on the neck on the first and second strings, the sound gets thin and the punch of the bass is lost.
Remember that the bass is a foundation instrument, providing the drive of the groove and stating the basis of the harmony of a song. A useful technique for enabling you to stay in one place lower down the neck is the use of "upside down" arpeggios. This means that you go down from the root to the third instead of up, as demonstrated in the following example.
Example 66 utilizes different inversions in each bar.