The following video is part of our "Motley Fool Conversations" series, in which, Andrew Tonner, technology editor and analyst,, and Austin Smith, consumer-goods editor and analyst, discuss topics around the investing world.

In today's edition, they continue their series of looking at one dividend to buy and one to sell in 2012. Austin sells Telefonica because of its waning growth in Latin America and continued weakness in Europe. Andrew buys AT&T because it recently raised its dividend and is a model of dividend stability.

If you're interested in Telefonica or AT&T on your quest for great dividend payers, The Motley Fool has compiled a special free report outlining our 11 favorite, dependable dividend-paying stocks. It's called "Secure Your Future With 11 Rock-Solid Dividend Stocks." You can access your complimentary copy today at no cost! Just click here to discover the winners we've picked.