Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Gordon Pape, editor of The Internet Wealth Builder, chose Brookfield Asset Management (NYSE: BAM) as his favorite stock for 2007, which rose 31% as of 6/1/07. Here is his original recommendation and his current opinion on Brookfield.

For his new favorite, the advisor looks to Precision Drilling (NYSE: PDS). He explains, "If you like to buy good companies at beaten-down prices, take a good look at this income trust.

"Precision Drilling, which provides services to the Canadian oil patch, has been battered and bruised by a decline in oil exploration activity, distribution cuts, and, of course, the proposed new tax on income trusts which is now working its way through the Parliament of Canada.

"Investors were hit with a second distribution cut in six months when the trust announced on May 18 that it is chopping another 32% off its monthly payment, slicing it to 13 cents. That reduces the annual payment to $1.56 a share, less than half last year's level of $3.24.

"There's no doubt this oilfields service provider is going through a tough period and management hasn't tried to sugar-coat the situation. Despite the gloomy outlook, RBC Capital Markets said in a research report that the firm's dividend cut probably represents the last one for the year.

"The trust's payout ratio should now be marginally below that of other oil service providers and it is generally expected that drilling activity will pick up later this year.

"Meanwhile, Precision Drilling has a long history of experiencing boom and bust cycles. There's no way of knowing how long the current bust will last so you may have to be patient, but when conditions take a turn for the better there is a lot of upside potential here.

"And while you're waiting, you are earning a yield of 5.2% (the new tax won't take a bite out of that until 2011). As a bonus, American shareholders receive a tax break on the payments as they are "qualified dividends" under U.S. law.

"Moreover, takeover speculation has started to swirl around the trust. This is not unexpected given the current low valuation of the shares and the price moved back over $30 for a brief time last month as rumors spread that representatives of Kohlberg Kravis Roberts had been sniffing around.

"Kohlberg Kravis, one of New York's most aggressive private equity firms, has been paying a lot of attention to the Canadian scene recently. Taken all together, it presents an opportunity for aggressive investors and the downside from this point appears to be minimal."