This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"Graham (AMEX: GHM), our top pick for 2009, is perfectly positioned to provide high tech equipment to the coming green tech revolution," says technology specialist Tom Vass in Wall Street Window.

"Graham is a global designer and manufacturer of custom-engineered ejectors, liquid ring pump packages, condensers, and heat exchangers.

"Its equipment is for applications in the petrochemical, oil refinery and electric power generation industries, including cogeneration and geothermal plants.

"Their products are the essential building blocks to the production of every other form of 'green' energy. International sales accounted for 37% and 33% of total sales for the second quarters of fiscal 2009 and fiscal 2008, respectively.

"Our patented technology stock selection method tracks what technology companies are doing with their free cash flow. Total cash flow from operating activities for GHM increased to $19,702,000 in 2008 compared to a year end of $5,193,000 for 2007.

Although he has been maintaining a cautious stance on the refining group, energy sector expert Elliott Gue is now boosting the rating on Valero Energy (NYSE: VLO).

In his The Energy Strategist, the advisor explains, "Valero is now attractive for three reasons: superior geographic exposure, refinery complexity and a new focus on profitability."

"Our caution on the refining group was due to expectations that crack spreads would be weak through the spring, a period during which spreads tend to widen. Overall, this call was correct: Refiners have underperformed the energy patch since mid-March.

"And longer term, I have some concerns about new refining capacity expansions due to come online over the next few years. As this supply comes online, it could put downside pressure on margins.

"But over the next six to nine months, the refiners look like a compelling play. Gasoline inventories are now back in line with seasonal norms; it's likely gasoline prices will now rally further relative to crude oil. In fact, we're already seeing an obvious spike in crack spreads.

By now, many investors/readers have heard the statistic: if ExxonMobil's 2007 revenue of $390.2 billion were listed as GDP, it would rank as the 31st largest nation in the world, in purchasing power parity terms.

It's easy to criticize Exxon (NYSE: XOM). When you're the world's largest integrated oil company in a world that's increasingly seeing both the financial and environmental costs of oil, it's hard not to be criticized. Moreover, Exxon, like other oil companies, may face additional operational constraints regarding fossil fuels, moving forward -- particularly if the Democratic party wins the White House in 2008. Further, it's not entirely clear that the company will remain a leading provider of energy when that energy becomes primarily renewable and alternative.

"Valero Energy is misunderstood on Wall Street," says Ken Kam, the editor of Marketscope. Here, he explains why he considers Valero Energy (NYSE: VLO) one of his "Best Ideas."

The advisor says, "When oil prices go down and Wall Street wants to sell energy stocks, Valero invariably gets sold off as well, just because it's part of the energy index. But Valero does not produce oil; it refines crude.

"So its profits do not necessarily rise and fall with the price of oil. Valero's earnings have skyrocketed in the past five years not because of rising oil prices but because there is a shortage of refining capacity. That shortage gets worse as the economy grows and our government refuses to allow more refineries to be built.

"I think the chances that the government will allow a refinery to be built in this country within my two-year investment horizon are pretty close to zero. This means that unless there is a recession, the shortage of refining capacity will get worse and Valero's profits will get better, whether oil prices go up or down.