What’s an investor to do these days? Last year was a wild ride. And in 2011, we’re faced with what economist David Rosenberg has termed a “Wile E. Coyote market.” Everywhere we turn, we’re waiting for a bubble to burst or the explosion of a “debt bomb.” Or for an anvil to drop on our heads. So what’s a solid pick this year? Read on for investment tips from two pros. Joe Magyer is an inside value adviser at The Motley Fool. Vitaliy Katsenelson is CIO at Investment Management Associates in Denver and the author of “The Little Book of Sideways Markets.”

What’s an investor to do these days? Last year was a wild ride. And in 2011, we’re faced with what economist David Rosenberg has termed a “Wile E. Coyote market.” Everywhere we turn, we’re waiting for a bubble to burst or the explosion of a “debt bomb.” Or for an anvil to drop on our heads. So what’s a solid pick this year? Read on for investment tips from two pros. Joe Magyer is an inside value adviser at The Motley Fool. Vitaliy Katsenelson is CIO at Investment Management Associates in Denver and the author of “The Little Book of Sideways Markets.”

What to buy
If you stick with the blue chip dividend payers, Magyer says, “you’ll do just fine with much less risk.” He recommends Walmart, Berkshire Hathaway and Google. These offer “attractive valuations, balance sheets and excellent long-term prospects.” Katsenelson agrees that investors should buy stock in quality companies, “companies that produce products.” Johnson & Johnson, he says, should still perform if the economy stutters.

What will go public
Amid much buzz about certain companies that plan go public this year, not everyone is excited. Katsenelson doesn’t recommend buying stocks on initial public offering at all — they’re priced for the sellers and insiders, he says, noting that there are no IPOs during market crashes. Magyer’s take? “Even Crumbs Bake Shop is lining up an IPO, which pretty well speaks to how frothy an IPO market we’re looking at for 2011. That, and the cupcake bubble is probably about to burst.”

What won’t pay off
 “Sell stocks if they’re fully valued,” Katsenelson says. He emphasizes that now is a time to consider investment risks carefully. Magyer advises investors to forget about buying gold. “Bulls will say there’s more room to run, but investors are already more than a little late to this party.”