"During the California gold rush, miners weren’t the only ones to strike it rich —so did purveyors of essential equipment like axes and shovels," notes Stephen Leeb.

In The Complete Investor, he says, "Today a gold rush of sorts is on to develop products using nanotechnology -- materials built at the molecular scale. And the safest path to riches is once again the equipment sellers." Here's a look at FEI Co. (NYSE: FEI).

"FEI Company is the leading provider of the highly sophisticated instruments and systems used in nanotechnology research, development, and manufacture.

"Its products include scanning and transmission electron microscopes, focused ion beam systems, and dual beam systems that combine the two on a single platform. Other FEI products include ion mass spectrometers, nano profilometers, and software systems to help maximize semiconductor production yields.

"Research labs and industrial customers generate 44% of FEI’s revenues. The electronics industry, and in particular semiconductor manufacturers, contribute 19%, and servicing and component sales account for around 24%. These core businesses generate solid if unspectacular growth of around 10% a year.

"Greater growth potential, however, lies in the life sciences area, which currently accounts for some 13 percent of revenues. Increasingly the pharmaceutical and biotech industries are focusing on three-dimensional structural biology, including the study of biological pathways and cellular structures. These areas offer fertile markets for FEI’s products.

"Other industries looking to tap nanotech’s potential also could be powerful engines of growth for FEI in the longer run. The mining and energy markets are two prime examples.

"In mining, automated mineralogy using FEI’s systems promises to speed up the discovery of deposits and reduce the cost of mineral processing.

"Likewise, the oil and gas industry is using FEI’s systems to help target drilling opportunities using objective, quantitative analysis of source rocks rather than relying on the subjective interpretations of geologists.

"To stay at the forefront of the nano tool industry, FEI plows more than 10% of its annual revenue into R&D. While the company has felt the pinch of customers deferring capital spending during the recession, it’s now headed in the right direction.

"Full-year 2009 profits likely slipped about 4 percent to 70 cents a share, but in 2010 earnings should rebound to around $1.30 per share. Analysts following the stock peg the company’s long-term growth rate at 15%.

"The stock trades at reasonable levels using other benchmarks such as price to sales and price to book. And the company boasts a strong balance sheet with debt only about 30% of equity. We are adding FEI to our Small-Cap Value Portfolio."