Awhile back, amid the subprime default fall-out, more-somber outlook for the U.S. economy and hence, the markets, yours truly suggested that investors increase the number of defensive stocks in their portfolios. In doing so I drew on a lesson offered by my late Uncle Nick, a lifelong New York Giants fan and season ticket holder. The wisdom:

In tough times, think established companies. Something, as my Uncle Nick would say, "As strong as the New York Giants' defensive front four." And I added that in case one hadn't noticed lately, the defensive front four of the Giants, also the favorite football team of yours truly, is still pretty good.

(My late Uncle Nick, of course, based his advise on the Giants' longstanding tradition of building a strong defense first, because, according to many revered football head coaches, Vince Lombardi and Bill Parcells among them, defense wins championships.)

Defense wins in Super Bowls

Well, as most are aware, the Giants defeated the New England Patriots, 17-14, in Super Bowl XLII, in one of the biggest upsets in pro football history, if not sports history. Going into the game the Patriots were undefeated at 18-0 and were 12-point favorites - - a tough environment for the Giants, to say the least.

And yet, the Giants won. They held the high-powered, menacing Patriot offense to just 14 points. How did they do it? With a stifling, relentless defense. In other words, the Giants overcame tough times, by thinking defense.

Likewise, investors should do the same: in today's tough times, think defense. The subprime mortgage and related asset default threat looks just as menacing as the Patriots' offense, if not more so. But, like the Giants, investors can overcome these formidable economic odds, buy thinking defense.

Defense wins on Wall Street

Here are 5 defensive plays worth a consideration:

Procter & Gamble (NYSE: PG), Sell / Stop Loss: $47.
-A diversified consumer products giant, extraordinaire (pun intended).

Cola-Cola (NYSE: KO). Sell / Stop Loss: $43.
-Because no one ever went broke, holding Coke.

AT&T (NYSE: T). Sell / Stop Loss: $27.
-Ma Bell is almost as big and as strong as she was before her forced break-up by the U.S. Government decades ago.

Tupperware (NYSE: TUP). Sell / Stop Loss: $22.
-A wonderful defensive play, given that millions more Americans will be eating at home and saving more leftovers, rather than dining out, in the decade ahead.

Woodward Governor (Nasdaq: WGOV). Sell / Stop Loss: $32.
-Solid international demand for energy control systems, industrial / aircraft engines, and power equipment buttresses Woodward against a U.S. economic downturn.

Underscoring, in tough times, investors, like the Giants, think defense: because defense wins in Super Bowls and on Wall Street.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit. Lazzaro is also a lifelong New York Giants fan and an even bigger fan of his late Uncle Nick.