I pick them all up the way mentioned - right under the chest. Depending on the cat though....
Allen: Carried with his paws on my shoulder, his face looking over the shoulder much like I would be burping a baby

Pouncer: I carry with him cradled in my arms belly up, back completely supported much like a baby.

The others all get carried in variation of the same two techniques! Some cats HATE to have belly up, so know the cat before you try it. The cats will actually tell you how they are most comfortable. You can't force a cat to be held that doesn't want to be held, and a cat that does like to be picked up and held will almost nestle himself into your arms the way they want to be held.