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.
"We're not bullish on stocks until we see an improving economy; but if I had to choose a top pick for 2009, I have no problems choosing Pfizer (NYSE: PFE)," says Alan Newman in CrossCurrents.
"Given a lousy environment for stocks in the last half of 2008 and what appears to be the same going forward for the year ahead, the only logical course is to choose a company that pays a generous dividend.
"That will reward us for whatever patience will be required for our investment holding period. Thus, Pfizer, with its hefty 7.5% yield, makes good sense.
"In a bear market such as now, there are always minuses to consider. Pfizer has recently announced that, for the first time in 40 years, they are not raising their dividend.
"As well, Lipitor is the company's most successful product and it will lose patent protection just a couple of years down the road. Furthermore, there does not seem to be any blockbusters in the pipeline to replace Lipitor's $13 billion in sales.
Closing Bell: Can't go up every day (BAC, HE, HPW, COMS, BRCD, WMT, AMD)
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
