i choose both ICO and Altcoins, it depends on the team, the project and the community. if you are knowledgeable enough for the company and coins you are going to invest then you are confident enough to risk your money for investment.
But the real truth is that you can make more profit by just investing in ICO's, anyway, you are right with both. I am investing in both at the moment, and for me, investing in altcoins who are already listed is much more safe, but ico's are much more profitable anyways.