Ico investments can be a bit risky compared to the altcoin investment. If you are looking for not valued coins. You can choose from icos recently finished and on exchange. Their price can be lower than ico price. They have much more potential.
Yeah, I think this is the best solution for those who prefer risks with high possible outcome. ICO can not even get to the phase of distributing tokens. There's too much scam out there. Or nobody would care about putting it on the exchange. And sometimes (I think it happens in most of cases) people sell the tokens at the first possibility to do that. That's why it's better to wait at least a couple of days after the coin is on a normal exchange and then decide whether it is worth investing in. And yet I think that it is still best just to buy the top coins and wait for a year. Most of them go up, so it's easy and safe.