This should be a great weekend for Viacom's (NYSE:VIA) Star Trek series. The self-titled film hits the local multiplex tomorrow night, and expectations are running high for what many figured was a franchise in decline.

The secret sauce behind the hype is that the folks behind the movie have little allegiance to the diehard fans that made Star Trek a cult series. Director J.J. Abrams decided to start from scratch, going with a fresh, young cast and a storyline that doesn't necessarily stick to the old formula.

"I was never really a fan of Star Trek," he recently told MTV. Eric Bana, who plays the villain, admits that he has never even seen any of the Star Trek flicks.

Purists will cringe, but the makeover appears to be positioning the series for box office gold.

So prick up your Spock ears for the question that I'm driving at: Is it time to Star Trek your portfolio?

It's dead, Jim
The last few weeks have probably been good to your monthly brokerage statements, but you're probably still smarting from the bear market that has ravaged most portfolios. It feels a lot better to be down 40% than 60%, but it still stings like saltwater on a jellyfish bite.

If you're a "buy and hold" investor, you probably rode your stocks down. You're relishing the bounce. However, what if your best bet is to simply start all over again? Like the new Star Trek, maybe you should cut ties with the past and ride new winners instead of relying on your old losers?

That's right. I'm suggesting that you Abrams-ize your portfolio.

Why not? The biggest crime of "buy and hold" investors -- and I self-effacingly shove myself into that camp -- is that we tend to get too comfortable with our stocks. Over time, we forgive sloppy quarters and probably miss the nuances of crumbling fundamentals.

You didn't take a wedding vow to love, honor, and obey your investments, in fiscal sickness and in health. Unfortunately, many of us take too long to divorce our unfit equities. The "buy and hold" mantra is awesome only if you are vigilant and unbiased.

Look over your portfolio. Would you buy these same stocks today? If not, it's time to take a page out of the Abrams playbook and create an alternate reality with a new ensemble on the Enterprise.

New vs. old
If I had to recast a portfolio, I would start by seeking out the "next generation" of strong young growth stocks. In March's issue of Motley Fool Rule Breakers, fellow Fool Wade Michaels and I singled out MercadoLibre (NASDAQ:MELI) and Green Mountain Coffee Roasters (NASDAQ:GMCR), respectively. It's been less than three months, but the two recommendations are up 97% and 89% respectively.

These are the market's new growth stocks. MercadoLibre is the leading online marketplace throughout Latin America. Green Mountain Coffee is revolutionizing at-home brewing with its Keurig machines and K-cup premium coffee refills.

This is the young cast on the new Enterprise. eBay (NASDAQ:EBAY) used to be the online marketplace darling through the late 1990s and the earlier part of this millennium. Starbucks (NASDAQ:SBUX) was the company that cultivated a culture of gourmet java sippers. However, those are companies that are losing their touch with mainstream audiences, just as MercadoLibre and Green Mountain are reinventing their respective industries.

Raze the dead
Few portfolios should be completely demolished. I have owned Netflix (NASDAQ:NFLX) since 2002, and it weathered the bear just fine. The DVD rental giant continues to grow its user base. It was also one of the few consumer-facing stocks to close higher last year.

However, I did cut ties with Select Comfort this year. I still love my Sleep Number mattress, but I slept through too many disappointing quarters before realizing that the company is not the same growth stock it used to be.

So do your portfolio a favor this weekend, as you wait in a crowded multiplex for Abrams to reinvent a classic franchise. Throw out the stiff actors and storylines that are no longer appealing in today's marketplace. Bring in the new, the engaging, and the relevant.

You don't have to start from scratch completely of course. You can have a Leonard Nimoy cameo, of course.

Spock is timeless. Spock is cool.

Some other reads for your captain's log:

Green Mountain Coffee Roasters and MercadoLibre are Motley Fool Rule Breakers selections. eBay, Netflix, and Starbucks are Motley Fool Stock Advisor selections. eBay and Starbucks are Motley Fool Inside Value picks. MercadoLibre is a Motley Fool Global Gains selection. The Fool owns shares of Starbucks. Try any of our Foolish newsletters today, free for 30 days.

Longtime Fool contributor Rick Munarriz did accompany his Trek-loving wife to a convention several years ago. He made James "Scotty" Doohan laugh. Rick owns shares of Netflix. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.