With valuations back to a “normal” range following the financial crisis and its aftermath, newsletter guru Jim Oberweis says good growth-stock-picking is the way to go.

“In periods when overall stock market valuations appear fair, the prudent investor must find value at the individual company level, as simply ‘buying the market’ will not be enough to generate superior returns,” Oberweis writes on MoneyShow.com. “Furthermore, the ‘rebound game’ will be over in 2011. It won’t be enough to buy businesses with revenues bouncing off the abysmal depths of 2009. 2011 will be about growth stocks that are growing because they have unique products or services driven by customer demand.”

Oberweis says it may even be worth paying a premium for good growth companies that have a “very clear path toward driving increases in revenues and expanding margins along the way, even if the overall economy exhibits only a modest increase.” He offers seven small-cap picks poised for strong growth, most of which come from the consumer or technology sectors. To see the picks, click here.