????The Fed's attempts to force down interest rates to revive housing and the general economy have an unfortunate byproduct: eviscerating the income of savers, such as retirees who supplemented their Social Security checks with income from CDs and short-term securities. But shooting for higher income by buying long-term securities at current interest levels is incredibly dangerous.
????As for foreign stocks and currencies: You want to deal with the instability of the euro? Try to figure out what goes on in Europe? Or with the European Central Bank? Good luck -- you're braver than I am. Jon Corzine was real brave at MF Global, which didn't work out too well.
????And commodities -- well, when you see gold being marketed everywhere, the game's pretty much over. If you had a time machine and could buy commodities at what they fetched three years ago, they'd be a great investment. At today's prices, not so much.
????Now that I've said what not to do, what's my investment idea? It's simple. And it's totally not exciting for those of us who enjoyed the days of superstar money managers and a U.S. market that returned 20% a year from August 1982 through March of 2000.
????After having foolishly put money into a once-hot stock mutual fund last year, I'm now into boring. I'm buying individual blue-chip U.S. stocks that pay dividends. Some are multinationals, which give me exposure to rapidly growing foreign economies and hedge my dollar risk. (And, no, I won't give you any names.) I'm looking for singles, not home runs. My seeking-singles portfolio, which has produced a small loss thus far, is appropriate for me because I can afford the risk. You have to determine whether it's appropriate for you.
????This isn't exactly an original approach. In fact, in "The Best Stocks for 2012" later in this issue, you can find a list of big-company stocks that Fortune considers undervalued, many of which pay enticing dividends. Simple and boring, for now, is what works for me. It gives me some income -- and a portfolio that lets me sleep at night.