I continue to be impressed with the stock market action from small- and micro-cap companies. With the Dow at a new record high and the economy slowing, I feel that large-cap investments will under perform in 2007. This is why it is such a great time to be a small-cap investor.

Naturally, when you are speculating in smaller companies, your investment risk can be a lot higher. Of course, all equity investing should be considered risk capital investing. There are absolutely no guarantees in the stock market. Even large-cap companies can tank for long periods of time.

Don't believe me? Take a look at Procter & Gamble (NYSE/PG). In 2000, this so-called blue chip company lost half of its value on the stock market. It's only now that the stock has recovered to eclipse its previous levels.

A CEO could die. War could break out. A company's patent could be overturned. Absolutely anything can happen in the stock market and this is why you don't bet the farm on any one company. This is why all stock market investing is speculative investing, so you don't invest money that you can't afford to lose.

Now that the lecture is over, consider for a moment one of my favorite companies that I keep writing about. Omniture Inc. (NADSAQ/OMTR) is in the business of providing on-demand software that helps customers collect, analyze and report on all kinds of business information from Internet web sites.

This new listing on the NASDAQ just hit a new record high of $9.98 per share. I think this stock will keep appreciating in value-- $9 per share would be a new price floor for this stock if you took on a position in this innovative company.

Going forward, all my attention will be focused on surveying the entire stock market landscape for more companies like Omniture. My favorite large-cap company, Caterpillar, is slowing on the stock market. This, to me, is the strongest signal yet that the large- cap sector of the market is not the place to be going forward.