For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.

"The market is looking increasingly fragile -- and our top pick for 2008 is a stellar investment that has all the makings of a bear-market killer: The Vice Fund (VICEX)," says Eric Roseman, editor of Commodity Trend Alert.

"This fund will do well as long as people continue to drink, smoke and gamble. The fund might not be the most wholesome investment in your portfolio, but it sure earns a big score for making bundles of dough from many industries currently shunned by investors and portfolio managers.

"And best of all, as the economy contracts, stocks in its highly concentrated and aggressive portfolio usually grow their corporate earnings while the broader market corrects. Bull or bear, it doesn't matter. The Vice Fund can generate profits in any economic environment -- provided people continue to gamble, drink and smoke.

"Launched in 2002, the Vice Fund is advised by Mutual Advisors, Inc, a small outfit with $177 million under management. But its size is actually highly advantageous to investors because of its ability to quickly enter and close trades and buy some companies that might be thinly traded.

"Defense companies are in a growth market of the highest order," says Gregg Early in Personal Finance. But rather than buy industry giants, he suggest looking at lower-tier companies that are "either primed for the big leagues or will be acquired by a first- or second-tier company for a big premium in coming years."

One such play is Harris Corp. (NYSE: HRS), which Early notes represents the globalization of the defense industry. According to the advisor, "Special forces in Afghanistan, army units in Iraq and astronauts rely on Harris equipment."

Now, he says, Harris is making a move into Eastern Europe. He explains, "Because these nations are small and need to be unified on a communications level, the company will have myriad contracts with new nations for years to come. Harris Corp is a buy below 56."

Also a global play, the advisor looks to Israel-based Elbit Systems (NASDAQ: ESLT). He notes, "It's difficult to overstate the breadth of the company's client list. From India to the US to Saudi Arabia, everyone has a contract with this diversified defense conglomerate."

Each year Steven Halpern, editor of TheStockAdvisors.com, surveys the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is part of his 24th annual Top Picks Report.

Lockheed Martin (NYSE: LMT), the world's largest military weapons manufacturer, is the favorite conservative stock of Rich Moroney, editor of Dow Theory Forecasts. The advisor notes,"Lockheed generates about 80% of sales to the U.S. government. Lockheed is the prime contractor for the F-35 Joint Strike Fighter, a large and well-funded defense program -- and one of the company's most significant development projects.

"Lockheed has been working to diversify its defense and intelligence work, as well as non-defense government work. Its information-systems and technology-services businesses have been growing nicely, as the government is increasingly outsourcing.

"In August, Lockheed was chosen as the prime contractor for NASA's successor to the space shuttle -- an award with an initial contract value of $4.2 billion.

"At 16 times estimated year-ahead earnings of $5.55 per share, the stock trades at a discount to its five-year average forward P/E of 17 and its peer-group average of 21. Lockheed is a Focus List Buy and a Long-Term Buy."

To see Rich's favorite speculative idea for 2007, click here.