Are you really a growth investor?

It's worth asking. Fast-moving tech stocks have taken a beating recently, leading to a slew of bargains for those with the guts to buy.

No surprises there. Market panics occur daily. Just ask investors who hold shares of Logitech (Nasdaq: LOGI), which yesterday fell more than 8% on no news whatsoever. Sheesh.

That's why all-star investors bet on growth over the very long term. They know that:

  1. Businesses that make investors billions always begin as growth stocks.
  2. The best of them feature massive and identifiable competitive advantages.
  3. Growth as a strategy has the capacity to deliver 20% or greater annual returns for decades at a time. 

How we do it
Of course, not all growth stocks will do. Each week, we hunt for the next great multibagger. But unlike David Gardner and his team at Motley Fool Rule Breakers, who scour everything from financial statements to trade magazines to clinical reports in their research, we'll rely on our Motley Fool CAPS investor-intelligence database.

Specifically, we're looking for stocks that have earned a five-star rating in CAPS, and which are expected to grow their earnings by at least 20% annually over the next five years. The community as a whole believes that five-star stocks will outperform the S&P 500.

Let's have the list
Now, with that preamble behind us, here are five more top growth stocks:

Company

No. of CAPS Ratings

Bullish CAPS Ratings

5-Year Growth Estimate

Vimpel-Communications (NYSE: VIP)

927

907

26.1%

Astronics (Nasdaq: ATRO)

239

233

25.0%

Carbo Ceramics (NYSE: CRR)

148

145

25.0%

BE Aerospace (Nasdaq: BEAV)

408

403

22.7%

Tata Motors (NYSE: TTM)

1,616

1,585

20.0%

Sources: Motley Fool CAPS, Yahoo! Finance.

Bear in mind that this isn't a list of recommendations. Instead, I offer these stocks as candidates for further research.

At first, I was tempted to re-up my recommendation of BE Aerospace, which supplies cabin equipment to executive jet manufacturers such as Embraer (NYSE: ERJ) and which recently raised its 2008 outlook.

I'm also a fan of Indian auto manufacturer Tata Motors, for all the reasons my Foolish colleague Adam Wiederman provided here.

Maybe that ceramics class will pay off after all
But my favorite growth stock for today is Carbo Ceramics. All-Star stock picker KevinKPU best explained the thesis in a CAPS pitch from mid-December. Quoting:

Carbo Ceramics is the high volume producer of lightweight proppant in North America, and has a global presence. What some don't realize is that their business is as dependent on natural gas prices and demand as it is on oil, particularly in the U.S. If we have a cold winter, or if the price of natural gas begins to catch up with oil valuations ... natural gas drilling and stimulations will increase, as will Carbo's sales.

Intrigued? So am I -- even more so when I read the numbers. Carbo Ceramics sports a microscopic 0.59 forward PEG ratio, and double-digit returns on equity and capital. Color me sold; Carbo Ceramics joins my CAPS watch list today.

But that's my take. What's yours? Would you buy Carbo Ceramics at today's prices? Let us know by signing up for CAPS today. It's 100% free to participate.

See you back here next week with five more top growth stocks. Fool on!