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.

Andrew Tonner and Austin Smith own no shares of the companies listed above. The Motley Fool owns shares of Telefonica, Google, and Apple. Motley Fool newsletter services have recommended buying shares of Apple and Google and creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.