No, I'm not talking about Tulane University. Nope, this green wave is all about alternative energy conservation and the companies that help our society move away from the choking effects of carbon burning.

The green wave steamroller is just getting started, and an economic slowdown will not get in its way. Case in point: World economic growth has pushed oil above $100 per barrel, and it appears prices will go even higher.

More importantly, serious well-respected scientists are now predicting a climactic catastrophe by the end of this century if carbon use is not stopped completely and soon.

This is no mere reduction in emissions, mind you. Instead, we are now hearing talk of a need for complete elimination of oil usage. If we don't act soon, we are all in deep trouble.

Is your portfolio prepared for the avalanche? If not, it should be!

Michael Murphy's New World Investor can help. Murphy understands these issues, and in his newsletter, he frequently mentions alternative energy stocks that are perfectly positioned to take advantage of a world that someday will be carbon-free.

Growing Green Energy Profits

One of my favorites on his buy list is a company called Energy Conversion Devices, Inc. (ENER). This company is a leader in batteries for hybrid cars, solar panels, and a new memory technology licensed by Intel and other semiconductor companies.

Initially recommended when shares were trading in the single digits, ENER reached a peak in excess of $40 per share in the spring of 2007. Missing earnings estimates in the latter part of the year caused a sell-off that now has shares trading below $30 per share.

I can appreciate the market being upset by a quarterly earnings miss, but let's get real here. ENER is a growth story, and growth stories always have a high degree of variability in financial performance on a quarter-to-quarter basis.

What is important here is to keep your eye on the prize in the long term. Change does not occur overnight, and nor will it here with energy conservation. The reality is that over time, the opportunity is quite large.

If you are willing to have the patience to endure short-term losses in hopes of building a business that can take advantage of alternative energy stocks in the green wave, ownership of ENER makes rational sense.

One really good reason to own the solar stock in the near term is the forthcoming presidential election in November. By all accounts, the current oil-based administration will be replaced by someone who is more amenable to a new energy policy.