Investing in blue-chip stocks is a stupid decision?

I always get this feedback from people. Here's their justification.
"If I invest in stocks that are just a few cents, I can easily earn 20%, 50%, or even more than 100% easily in a day. In contrast, I might not even earn 10% per year if investing in blue-chip stocks."

However, I don't think it is a stupid decision; in fact, I personally quite like blue-chip stocks. 2 reasons: easy and peace of mind. Whenever I think it is undervalued, I just buy and keep it without much worry. (Probably because I'm a risk-averse investor?) But of course, I mean those fundamentally good companies.

TENAGA is one of my favourite counters, I have invested in it a few times. When it reached RM9.50 a few months ago, I bought it immediately without hesitating as I did not believe it will go below RM9, was looking for a rebound. A few weeks after that, RM11 - sell. Basically, this is what I like to do with blue-chip stocks. (Sometimes, I just wait for their dividend.)

What do you all think? Blue chips are really not a good choice for investment? Or do you all have any other suggestions for investors that are risk-averse? Or do you all have a better strategy for blue-chip counters? Is TENAGA going back to RM11 anytime soon?