Investors who want to follow "my pal Warren" back into the market are searching for the best angles with the least risk. I have been doing the same and recently posted Fog clearing -- maybe. Clear skies -- no! GE, JNJ, MRK, PG, RTN, WFC, highlighting blue-chip dividend payers.

Last Thursday morning I had a coffee with William O'Sullivan, owner of O'Briens Pub in Santa Monica, Calif., and started quizzing him about how the recession might affect his business. He said it would probably improve. He expected some depressed and unemployed people to find refuge in his bar.

I used the occasion to bring up one of my watch-list stocks, Diageo (NYSE: DEO), the largest distiller of spirits in the world. It is the leader in the world by volume, by net sales, and by operating profit. The company produces eight of the world's top 20 spirits brands. Some of these include include Guinness, Harp, Johnnie Walker, Tanqueray, and Smirnoff. O'Sullivan believes that Diageo has a drink for everyone at price points that his customers will not balk at.

The first time I wrote about DEO was 20 months ago (see Cramer says buy Diageo, I say WAIT) when it was around $85 per share. Since that time it has reached a 52-week high of $93.12. However, I could never bring myself to invest at those levels. Well, Friday it closed at $56.86, up $0.55, on a day the DJIA closed down 312.30 to 8378.95, when almost nothing was in postive territory.