Right now is a bad period for icos, even the hyped ones fail to reach their soft cap. And after they hit the exchanges their tokens price goes bellow the ico price. So is smarter to buy the tokens after the ico. I started investing in icos since summer, and I made some nice profits, but from mid October I went back to trading.
I will invest in one ico however, not for profits but because I like the idea. It's really original and nice. You buy Xmas tokens to give them as gift for Christmas to those who helped you in crypto. I might throw in some ether. And if you buy in ico there is a 1mil token airdrop. Free bonus token from Santa, that's pretty cool I'd say.