I've always loved telco stocks.

As investors, we're told to train ourselves to look at stocks rationally and to remove emotion from the process. Warren Buffett warns that your stock you won't tell you it loves you when you come at night.

But dividend investing is also about finding great yield -- and, with a tip of the hat to Willie Sutton, telco stocks are where the money is.

Investors have almost always done well with domestic heavyweights AT&T (NYSE: T) and Verizon (NYSE: VZ). But I've always found more yield and value in international telco stocks. Vodafone Group (NYSE: VOD) has always been a good holding thanks to the British company's investment in Verizon (a 41% stake before its recent sale) and its focus on emerging and frontier markets.

Telefonica Brasil has the yield and value characteristics I look for in an international telco stock. The Sao Paulo-based telecom provides fixed-line and mobile communications, broadband Internet and pay TV services, among other offerings. A subsidiary of global telecom conglomerate Telefonica (NYSE: TEF), Telefonica Brasil serves nearly 28% of Brazil's wireless market under the Vivo brand.

Yet VIV is off by more than 30% from its 52-week high. What gives?