This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"My selection for 2009 is Bristol-Myers Squibb (NYSE: BMY)," says Chuck Carlson, the leading advisor in the area of dividend reinvestment plans.

In his The DRIP Investor, he explains, "This pharmaceutical company has a lot to offer investors, including a high yield, a rising profit stream, and a speculative kicker in the way of takeover appeal." Here's his review.

"Bristol-Myers Squibb has a number of popular brands, including Plavix, the company's leading cardiovascular product; HIV treatments Reyataz and Sustiva; and oncology product Erbitux. Its stable of products has helped drive decent sales growth.

"Bristol-Myers Squibb has done a nice job of ?rming up its balance sheet. The company's cash coffers were boosted by the sale of its ConvaTec medical-device and wound-care business for $4.1 billion.

"At the end of the third quarter, the ?rm had more than $7 billion in cash and securities, a 'signi?cant majority' of which was invested in Treasury Bills and Treasury-backed securities.

Dow Theory -- a market timing strategy that has been followed by the aptly named Dow Theory Forecasts and has proven highly successful for over five decades -- remains bullish on the outlook for stocks.

The strategy is bullish when strength in the Dow industrials is confirmed by strength in the Dow transports, as well as in the Dow utilities (although the latter is less critical).

Says Charles Carslon, "Dow Theory is squarely in the bullish camp." The advisor also sees a contrary reason for bullishness.

He notes, "Rarely does such impressive share-price action meet with such skepticism. A broad market advance has carried nearly all the major averages to significant highs, yet many reporters and analysts seem convinced the stock market has it wrong."

With the primary trend bullish and quality stocks available at "reasonable valuations," he believes investors should keep only 5% to 10% of their equity portfolio in cash, while continuing to look for opportunities.

One large cap Dow stock that rank as a Dow Theory "long-term buy" is General Electric (NYSE: GE). He notes that GE shares have moved to their highest level since mid-January after an analyst report argued the conglomerate should spin off several businesses, citing NBC Universal, GE Money, and GE Real Estate.

He concludes, "The combination of a reasonable valuation, decent growth prospects, and above-average yield should generate market-beating returns over the next 24 to 48 months.

For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free daily website, TheStockAdvisors.com.