As investors debate over the iPhone from Apple (NASDAQ: AAPL) vs. the BlackBerry from Research in Motion (NASDAQ: RIMM), growth stock guru Toby Smith sees room for both in his ChangeWave Investing portfolio. Here's his latest.

"Apple recently took a big step out of its consumer-oriented world and into the corporate realm, one dominated by Research In Motion.

"Apple is teaming up with Microsoft to make the iPhone more 'businessy' for corporate users. Obviously, when the iPhone was launched, it was a huge success with consumers. Now, Apple is opening up the platform and making it more appealing to businesses.

"With its much-awaited iPhone software developers kit, Apple is banking on third-party software to differentiate the iPhone from the BlackBerry. The biggest challenge for Apple will be overcoming concerns about security, e-mail synching and the iPhone's high price.

"Undoubtedly, this shift into the corporate realm will take time, and it will likely be the small- and medium-sized companies that are the first to adopt the iPhone for business.

"We've been tracking the water industry for a while and it's been crystal clear that water is an area we want to dive into," says Toby Smith in his ChangeWave Investing. Here, he looks at a water-focused ETF.

"Water is often taken for granted, but that is changing. A combination of global economic growth and years of neglect are leading to a tidal wave of demand for water infrastructure and various technologies.

"It's forecasted that by 2025, almost two-thirds of the global population will live in countries where water will be a scarce commodity. Climate change could exacerbate the problem. Clearly, water issues cross all boundaries.

The water industry combines the best attributes of a good defensive strategy coupled with numerous 'offensive' plays. From a growth perspective, spending on water projects at all levels is on the upswing due to years of infrastructure neglect and under-investment.

"One great way for all investors to participate is by investing in an ETF with a water focus, such as PowerShares Water Resources (NYSE: PHO).

"The beauty of this water ETF is that it gives us exposure to each of the companies that were highest rated in our survey (comprising approximately one-third of the PHO holdings). PHO also has a well-balanced portfolio, with no single stock representing more that 4% of the total. IN our view, it's clear that the water industry will see above-average growth well into the future."

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"Cisco (NASDAQ: CSCO) it's a true 'Dominator' company," says Toby Smith. "The company's major strategic advantage is its size and its marketing power to influence customers' decision-making."

"This is a good time to get on board, he says in his ChangeWave Investing, a newsletter that seeks to identify the leading company involved in enduring, long-term market trends.

He continues, "The company's primary value proposition is not quality or price, but being the single source for its customers' networking technology needs. Purchasers of Cisco's equipment won't lose any sleep over their decision to buy from them. The thinking is if it ain't broke, don't fix it.

"Our ChangeWave Alliance findings tell us that Cisco is gaining market share in all of its main product areas, and the company confirmed that in its Q3 report.

"Investor expectations were high prior to Cisco's quarterly report. So despite overall solid quarterly results and long-term outlook, CEO Chambers' remarks about problems among its U.S. enterprise business -- especially financials and autos -- quickly sparked a sell-off in its shares.

"You might be surprised to learn that U.S. enterprise business represents only 13% of Cisco's revenues and that most of its biggest growth is occurring in the developing countries and Europe, where orders and contracts with phone carriers bolstered sales.

Toby Smith has been a long-standing bull on Apple (NASDAQ: AAPL) and despite its strength, he remains bullish. In his ChangeWave Investing, he explains, "Apple recently beat Wall Street targets with a 67% rise in its quarterly profit, led by strong sales of its Macintosh computers and a big first full quarter from the iPhone."

Smith continues, "Apple's net profit was $904 million, or $1.01 per share, for its fiscal fourth quarter, compared with $542 million, or 62 cents per share, in the year-ago period. Revenue was $6.22 billion, up 29% from $4.84 billion a year earlier.

"The results handily beat the Street's average targets of 85 cents per share earnings and $6.06 billion in revenue. Apple also forecast fiscal first-quarter revenue of $9.2 billion, ahead of the $8.7 billion average Wall Street target.

"iPhone sales of 1.12 million were toward the high end of a range of forecasts given by three analysts in research notes, according to Reuters estimates. Apple shipped 2.2 million Macintosh computers during the quarter, a figure that also topped analysts' estimates. iPod sales of 10.2 million fell just short of analysts' estimates of 10.5 million to 11 million for the period.

"Our ChangeWave Alliance research is on target again. We've seen strong sales for Mac computers for a while now and strong satisfaction ratings for the iPhone. Our target of $225 looks better and better every day."

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Through a combination of capital gains and dividend yield, the goal of The 25% Cash Machine is to generate 25% annual returns from a combination. Editor Bryan Perry is now building a new position for this portfolio: Cheniere Energy Partners (NYSE: CQP), a play on liquefied natural gas (LNG).

The advisor explains, "LNG is natural gas -- the same clean, safe energy source used to fuel our homes and industries -- that's been reduced to 1/600th its volume through a sophisticated refrigeration process. In liquid form, natural gas can be shipped long distances safely and economically in specially designed ships with insulated storage tanks.

"World demand for liquefied natural gas is expected to double by 2010. The reason demand for LNG is growing is that it is viewed as safe, flexible, reliable, and economical. One other big (perhaps the biggest) plus in the current (and growing) green climate is that LNG is environmentally acceptable.

"A new study on stem cell research is mind-boggling," notes emerging growth expert Toby Smith in support of his recommendation for Geron Corp. (NASDAQ: GERN).

The growth stock expert and editor of ChangeWave Investing explains, "Geron reported its scientists and collaborators have demonstrated that human embryonic stem cell (hESC)-derived cardiomyocytes improve heart function when transplanted after myocardial infarction.

"Published online on Aug. 26, in Nature Biotechnology, the landmark study is the first to document the potential clinical utility of regenerating damaged heart muscle by injecting hESC-derived cardiomyocytes directly into the site of the infarct.

"In addition, the research confirms the effectiveness of a scalable production system that enables Geron to manufacture the cardiomyocytes for use in ongoing large animal studies and, ultimately, testing in humans."

From his ChangeWave Investing newsletter and regular appearances on Fox TV's Bulls & Bears, Toby Smith is one of the most widely followed newsletter advisors. AS growth investors, he seeks stocks poised to benefit from enduring trends, which he calls "Changewaves".

To help isolate these trends, he turns to his ChangeWave Alliance, a group of thousands of business leaders in a wide range of fields who respond to ongoing surveys regarding developing industry trends.

Three such trends, which he considers among his favorite macroeconomic ChangeWaves are Clean Energy, Carbon Credits, and Chindia (China-India) Infrastructure. And one of his latest stock recommendations -- Fuel Tech (NASDAQ: FTEK) -- plays into all three of these waves.

"Video is the new email," states Toby Smith, referring to his forecast that video content over the internet is developing into the next "must-have" service.

The editor of ChangeWave Investing explains, "At the heart of this data highway is Akamai Technologies (NASDAQ: AKAM), which helps move all these video files from servers to your computer or other digital devices."

Until recently, the advisor notes, if you wanted to watch a TV show, you had to watch it on your TV set. Today, he says, and especially over the next five years, you're going to watch TV and other digital content on literally every screen you own. Further, he notes, soon this content will be delivered in high def -- which he considers the next "killer application."

Meanwhile, he adds, all this information has to get from "point A to B in the most efficient way possible." And, he feels, the company best poised to help in this effort is Akamai, which he notes is already the "biggest and best facilitator" of this web traffic. The company, he points out, already delivers 20% of all traffic on the web. But, he adds, it still has room to grow.

Smith notes that Akamai's system is the world's largest platform for on-demand distributor computing, delivering web content and applications for more than 2,000 customers in 71 countries. Its customer list, he adds, reads like a 'Who's Who' of the web.

"The momo crowd is at it again," says Toby Smith. The editor of ChangeWave Investing and panelist on Fox & Friends explains, "Momentum buying (or momo investing) strategies always tend to bid the price of the stock up as it goes higher."

But once the stock starts to sell off, he notes, "sell triggers are pulled and the momo players begin serious selling -- and that selling feeds on itself." But for those not caught up in the momentum craze, he adds, "For us, this just presents a great buying opportunity."

In his view, one such situation in which momentum-selling has created a buying opportunity is Sigma Designs (NASDAQ: SIGM), a maker of processors for markets such as high-def and Internet protocol TVs.

He notes that in Sigma's case, there were two primary factors that caused momo investors to sell. First, he notes, the company recently brought out 'limited' financial results for fiscal fourth-quarter and full-year 2007, ending February 3.

He explains, "SIGM's quarterly revenue was up 197% to $31.2 million, from $10.5 million in the year-ago period; for the year, revenue grew 174% to $91.2 million, from $33.3 million in fiscal 2006.

"But amidst the good news was word of a delayed announcement of further financial results pending the completion of a review of Sigma's stock-option-granting practices." That, he says, was "strike one."