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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.
- 2017's closed out stock picks gained an average of 37% to date (through 4/30/17).
- Since inception, the annualized return on our monthly stock purchase recommendations is 11.9% vs. the S&P 500's 9.9% (as of 4/30/17).
- The 15-year annualized return on our monthly stock purchase recommendations is 10.6%, vs. the S&P 500's 7.2% (as of 4/30/17).
- The Turnaround Letter's 12-month trailing returns (as of 4/30/17) are 16.1%--vs. the S&P 500's 15.8%.
- A $10,000 investment in Turnaround Letter stock picks 15 years ago would be worth more than $45,000 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 10.6% annualized return (as of 4/30/17) 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
After a period of finger-pointing, this large-cap is now focusing on improving its business. The iconic automotive manufacturer has replaced key leadership, cooperated with investigators and continues to settle claims. New management has developed a reasonable plan to increase profit margins and reduce the company’s capital intensity while maintaining a steady new product cadence, and potential improvements in its governance could further boost shareholder value. The company's brands appear largely undamaged and business is growing. We believe this stock pick appears to be on the road to recovery.
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This mid-cap has many of the key traits of a successful spin-off--including healthy revenue, profit margins and cash flow, and its former parent bestowed it with a solid capital base. The leadership team is impressive and the stock pick comes with strong R&D, marketing and regulatory capabilities. While valuation is not cheap on an absolute basis at 20x 2017 earnings and 12.7x 2017 EBITDA, the stock trades at a considerable discount to its peers and to what we believe is a reasonable price given its attractive positioning. While not strictly speaking a turnaround, this pharmaceutical stock looks quite cheap relative to its potential.
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Turnaround Investing Blog
Since the start of 2016, over a dozen energy companies have emerged from bankruptcy as public companies. Knowledgeable distressed investors have not been able to soak up this large supply of new post-bankruptcy stocks, leading to their stock prices being even softer than usual. We think many of these post-reorganization oil and gas stocks look like good bargains right now.
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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