The coronavirus vaccine race isn't over. And that means there are plenty of investment opportunities -- whether you're a cautious investor or you're comfortable with high risk. In this Motley Fool Live video recorded on Dec. 11, 2020, Healthcare and Cannabis Bureau Chief Corinne Cardina and contributor Adria Cimino discuss stocks to buy right now and whether you should bet on just one or several.

Corinne Cardina: Let's talk a little bit about investing in this landscape. In your article, of course, you discuss five companies that will hopefully have doses to distribute in the medium-term. If you were investing a portion of your portfolio in COVID-19 vaccine stocks, would you include all five listed here?

Adria Cimino: I think it really depends on your comfort with risk and your investment style. I think that if you're really an aggressive investor, you're going to get a lot more out of a company like Moderna (NASDAQ:MRNA) or Novavax (NASDAQ:NVAX), because these are clinical stage biotech companies, and they really depend on revenue from this potential product. That's why we've seen the great gains just this year. Novavax is up more than 2,000%. The idea is they're going to really benefit. If you take a company like Johnson & Johnson (NYSE:JNJ), it's such a massive company that even if this program fails, it's not going to make a huge difference for the company's revenue as a whole. So, you're not going to get a huge gain, but you're not going to get the huge loss either. I think that it depends on your comfort level. I think that if you're really an aggressive investor, you'd consider Moderna and Novavax. If you are an investor who wants a little bit of that benefit, but you don't really want to bet everything on it, then maybe choose a little bit of Moderna and/or Novavax, and then balance it out by Johnson & Johnson, Pfizer (NYSE:PFE), AstraZeneca (NASDAQ:AZN). Then for the investors who really are very cautious, go for the big pharmaceutical companies and that's a safety zone.

Corinne Cardina: Absolutely. Would you say it's a smarter choice to invest in a diversified basket of COVID stocks or pick one that you really believe in?

Adria Cimino: I still say diversification. Diversified, I think is really the best option. I think that really, to go for just one, you'd have to be very aggressive. You'd have to be a very aggressive player to just bet it all on one. I think it's always good to balance it out, especially with so many players and such a huge selection. I think it's always to your benefit to spread out the risk a little bit. There are a lot of great programs and interesting companies, so it would be really worth it to explore a few of them.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.