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Investing in Turnaround Stocks with The Turnaround Letter
The Turnaround Letter is a monthly newsletter that makes money for its subscribers by providing investment insight, advice and stock purchase recommendations. Written for more than 30 years by George Putnam, III, The Turnaround Letter has had the longevity and proven track record necessary to gain the confidence of thousands of investors and industry experts.
- The Turnaround Letter's 2017's closed out stock picks gained an average of 38% to date (through 6/30/17).
- The Turnaround Letter's closed out stock picks from 2002 through 2017 have gained an average of 64% (through 6/30/17).
- The 15-year annualized return on The Turnaround Letter's onthly stock purchase recommendations is 11%, vs. the S&P 500's 8% (as of 6/30/17).
- Since inception, the annualized return on The Turnaround Letter's monthly stock purchase recommendations is 12% vs. the S&P 500's 11% (as of 6/30/17).
- A $10,000 investment in Turnaround Letter stock picks 15 years ago would be worth more than $50,000 today.
With your subscription you’ll receive George’s exclusive “Pick of the Month” along with articles highlighting stocks that have great turnaround potential. You’ll also gain access to the entire online archive of Turnaround Letter issues, picks and industry insights.
Meet George Putnam
A graduate of both Harvard Law School and Harvard Business School, George first became involved with distressed securities as a corporate bankruptcy attorney in the late 1970’s. Later he founded New Generation Research, Inc. and started publishing The Turnaround Letter in 1986.
The 11.4% annualized return (as of 6/30/17) on his Turnaround Letter stock recommendations over the last 15 years makes The Turnaround Letter one of the top-performing investment newsletters for that period of the approximately 200 on the market today. Putnam has been recognized as USA Today’s "Investment Advisor of the Year" and is frequently quoted in numerous financial publications and news outlets including the following:
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George's Stock Picks
This small-cap stock pick disappointed investors almost from its first day as a public company, yet the Company has a lot of contrarian investing appeal: First, the accumulation of black marks has completely soured investors, leaving its shares trading at only 6.4x current year EBITDA. Further, its balance sheet and positive cash flow give the Company plenty of time for the fundamentals to rebound. Moreover, the Company continues to aggressively improve its cash flows in the face of its 62% revenue decline since 2014 and its positive free cash flow appears to be sustainable. With its considerable financial and operating leverage, this value stock is well-positioned to benefit from several opportunities.
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Despite this large cap stock pick’s problems, its brand and core franchise remain strong: The restructuring efforts are beginning to show promising results although the pace remains slow. Costs are coming down, and the company is seeing better net inflows. Overall management is tighter; plus, capital raises have bolstered the balance sheet. While the shares carry significant risks due to the leveraged nature of operations and its sensitivity to the capital markets, we see considerable upside potential if the turnaround is successful. There’s also the added bonus of dividends: Although the annual dividend yield may vary, it is currently generous and will compensate investors while they wait for results to improve further.
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Turnaround Investing Blog
Steve Cohen, the high profile hedge fund manager, narrowly escaped a prison sentence for trading on insider information. Yet cable billionaire John Malone’s recent insider buying of $16 million of Liberty Global shares, where he is Chairman of the Board and clearly knows a lot of non-public information, is perfectly legal and may be a valuable signal to investors. Can both be possible at the same time? The not-so-simple answer: yes, and no.
Investing in Post-Bankruptcy Stocks
Post-bankruptcy stocks represent an interesting investing sector because they operate in such an inefficient niche and often move independent of the overall market. Even though many companies take advantage of the Chapter 11 process to reshape their businesses and balance sheets to emerge as a stronger and more competitive entity, investors are often biased against post-bankruptcy situations because of their troubled past. Learn more.
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