Fisher's Best 2013 Buy

Forbes’ Kenneth Fisher says his top stock to buy in 2013 is pharma giant Pfizer.

“It has near endless top-notch brand names, and a stream of new products will capture growth from an aging developed-world demographic plus new emerging middle classes overseas — all wrapped in a classically cheap stock,” Fisher says for the 2013 Forbes Investment Guide.

As for Fisher’s top pick to avoid, it’s food retailer Safeway. “What won’t rise in a bull market falls in downdrafts,” he says, adding that he thinks the firm’s CEO “badly misreads his consumers. Bad merchandising, getting outdanced by competitors of all genres, levered and unionized!”