Editor's Note: Stockpickr is a new joint venture with TheStreet.com that lets you see the stocks that hedge funds, mutual funds and other investors are holding, and every day James Altucher goes through various portfolios that he believes can be of value to investors. To make use of the full features of Stockpickr, please check out our introductory article, which describes all of the site's features.

I think I'm in love.

If I were 30 years old again, I might ask the Claymore/Clear Spinoff ( CSD) ETF to marry me.

Exchange-traded funds are no longer the run-of-the-mill, let's-buy-every-stock variety like the Spyder Trust ( SPY) (the S&P 500 ETF) or the Nasdaq 100 Trust ( QQQQ) (the Nasdaq 100 ETF). The latest exchange-traded funds to be released to the public have upped the ante a notch and are now playing for bigger stakes. They want to enter the arena of discretionary allocations that big pension funds give to mutual funds and hedge funds. They want to be players.

However, I believe we can examine these ETFs and pick and choose from their holdings the stocks we like best. One way to do that is to look at the hedge funds, mutual funds and other investors who are accumulating each stock in the ETF.

One recent entrant into the ETF race that has been the source of my "stock idea lust" is the Claymore/Clear Spinoff ETF. Spinoffs are companies that are subsidiaries or used to be subsidiaries of other public companies. They get spun out to the public through an initial public offering, and oftentimes there is artificial selling pressure.

This was famously pointed out in super-investor Joel Greenblatt's book You Can Be a Stock Market Genius. He stated that selling pressure could arise because people who wanted to hold the parent company (for instance, an ETF that follows an index) might not be allowed to hold the spinoff stock (because the spinoff is not part of the index the ETF is following), so they are forced to sell off the shares. (As an aside, here's a look at Joel Greenblatt's top holdings, which I plan to discuss at some point in the future.)

When this artificial selling pressure exists, it creates a buying opportunity. The Claymore/Clear Spinoff index is created by filtering through the buying opportunities and using a rules-driven approach to find the highest-ranking spinoffs, which are ranked by growth prospects, cash flows and other factors. The index is rebalanced semiannually.

One holding in the index is online travel company Expedia ( EXPE), which was spun out of IAC/InterActive ( IACI) -- Barry Diller's Internet conglomerate -- in July 2005. Since then, it has fallen 15%, but at this point the company has become cheap and could potentially be a takeover candidate.

It has a $7 billion market cap but $450 million in net cash. Its EBITDA (earnings before interest, taxes, depreciation and amortization), or cash flows, was $738 million over the past year. That means it's trading at only 8.8 times cash flows. Analysts expect 5% growth in revenue and about 10% growth in earnings, so those cash flows are sticking.

But what's truly amazing is the investors who have been accumulating shares of the stock. Interestingly, of the 15,000 or so portfolios in Stockpickr, not very many do-it-yourself portfolios have entered Expedia. (Here's Expedia's page so you can see which funds that we track own the stock.) But four of the best professional investors we follow have been buying the stock.

First, Bill Miller of Legg Mason owns the stock. Miller wants revenge this year since 2006 was the first year in 15 years that he did not beat the S&P.

Second, I'm a big fan of hedge fund Okumus Capital, a deep value fund that's up about 20%-plus per year. Founder Ahmet Okumus was profiled in Jack Schwager's book Stock Market Wizards as one of America's top stock investors. Finally, two quality value-oriented mutual funds -- the Weitz Funds and the Columbia Acorn Fund -- own Expedia.

I like the stock here and think it can see $28-$30 by year-end.

To view the other 39 holdings in the Claymore/Clear Spinoff ETF (including ones that several activists seem to be accumulating, such as Levitt ( LEV)) and to see at a glance which funds have been the latest accumulators of each position, please check out its Stockpickr page. Also, since the ETF is rebalanced semiannually, you can be notified when the rebalancing occurs by bookmarking the ETF within Stockpickr by rating it with four stars.

At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of Trade Like a Hedge Fund and Trade Like Warren Buffett. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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