Three Internet Stocks That Could Double

Updated from 8 a.m. EDT

I am so tired of the usual Internet stocks.

I've been covering Internet stocks for about a decade now. In 1998, I sold my Web-services business to a publicly traded company for all stock, forcing me to get a crash course in the Internet stocks out there (and how to hedge them). Then, when I was a managing partner at a venture capital firm during the tail end of the boom and the beginning of the bust, I saw the tide come in on the entire industry and saw which types of stocks would prove to be the eventual winners.

Now I see the same thing happening again. Regardless of the direction of the stock market, the Internet is a trend that is never going away. Every day, our computers need to store more data, our old coaxial lines need to transmit digital data, our biggest advertisers need to find more-creative ways to market their products, and so on and so on.

So let's find the unloved beasts that will make this all happen. The ones that are all set right now to double in this market.

One thing: It's never possible to make a huge amount of money on the stocks everyone else is talking about. Whatever the stock of the day is. Sure, we can argue about Google(GOOG Quote) or Baidu(BIDU Quote) or Sohu.com(SOHU Quote) all day long. Eventually, Google will be a $1,000 stock, but that day might be 10 years out. And Yahoo!(YHOO Quote) might get bought for $33, or it might flounder here at $20. I think both of these businesses have a lot of value, but it's hard for me to game the 10,000 other investors who talk about these stocks on a daily basis.

Let's find the stocks that have been unloved, forgotten, beaten down -- and yet are cheap in the Ben Graham or Warren Buffett sense, the stocks that hedge funds are starting to accumulate. These are the stocks that I think will double within the next year, including ValueClick(VLCK Quote) and Harmonic(HLIT Quote).

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A note from James Altucher:

Every weekend I send an email to Jim Cramer and several hedge fund managers about the most interesting portfolios posted on Stockpickr that week. Usually those portfolios not only list stocks according to a theme but also offer significant analysis as to why the stocks are cheap.

Here are some examples:

• Stocks related to drilling the Marcellus Shale
• MLPS with yields above 7%
• Microcaps trading for less than tangible book
• Stocks that do well after Hurricanes

Here's the challenge: Build a portfolio at Stockpickr.com with great analysis, and send me the link. Each great portfolio (with analysis) will get posted on TheStreet.com with your byline (as a "Stockpickr Guest Columnist") and will be included in my email I send to Jim and the other hedge fund managers on my list.