More Turnaround Letter People

Bruce W. Kaser, CFA 

Bruce brings to The Turnaround Letter over 25 years of equity investing experience managing institutional portfolios, mutual funds and private client accounts. He has led two successful investment platform turnarounds, co-founded an investment management firm and was principal of a $3 billion (AUM) employee-owned investment management company.

Previously he was Portfolio Manager with Boston-based Ironwood Investment Management where he managed the Ironwood Event-Driven Small/Midcap Value strategy, an innovative long-only, low-turnover equity strategy that he co-founded, focusing on event-driven companies at the intersection of depressed share prices and pending new prosperity. Prior to Ironwood, Bruce was Vice President and Senior Portfolio Manager with RBC Global Asset Management where he co-managed their $1.0 billion value/core equity platform. He joined RBC when they acquired Freedom Capital Management, where he was a principal and led the turnaround of their $800 million value/core equity platform.

Previous experience also includes Vice President and Portfolio Manager with Loomis Sayles where he turned around and lead-managed a $250 million institutional and private client equity strategy, and was a member of the six-person nationwide committee selecting stocks for the $3.5 billion Private Client program.

Bruce has been quoted in The New York Times, The Gartman Letter, The Wall Street Transcript and in web articles by Fox Business, US News & World Report and Interactive Brokers. Originally from Ohio, Bruce is a graduate of the University of Chicago Booth School of Business, where he earned the MBA in Finance and International Business and received the Bachelor of Science in Finance with Honors from Miami University (Ohio). He is a CFA charterholder. 

Bruce maintains an active volunteer schedule with the Cub Scouts, the Boy Scouts and the Lexington Little League baseball program and helps train English teachers in El Salvador. A frontier/emerging nation travel enthusiast, he has visited over 28 countries. A veteran Chicago Cubs baseball fan, Bruce is thrilled with their first World Series title in over a century.

Meet George Putnam, III

Learn & Avoid These 10 Common Mistakes

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

Turnaround Investing Blog

A Closer Look At Two Activist Campaigns

Watch to see if ADP’s CEO Carlos Rodriguez inadvertently helps Pershing, and his aggressive and sometimes personal stance against Ackman could backfire. Overall, because of the stock’s strong returns and Ackman’s weak credibility, we would give this activist campaign a low chance of making ADP a successful turnaround investment. For turnaround investors, the Trian campaign appears to have a win-win opportunity for investors--either Peltz joins the board and learns enough to re-invigorate P&G, or loses and management must either execute (boosting earnings and the shares) or they will face a more drastic proxy campaign with higher odds of success down the road. We think the P&G campaign could turn out well for shareholders.  Read More.

Warrants: A Solid Investment Opportunity

Warrants provide a valuable tool for the savvy investor. When selected and implemented well, they can be a smart addition to a diversified investor’s portfolio. Like options, warrants are not equity. They only convey the right to buy equity. As such, neither holder is entitled to dividend rights, pre-emptive rights, proxy voting or any share of any liquidation.

 

Value Investing

 

Warrants' return potential can be very high, but they also carry significant risks. Learn what they are, how they work, strategies to minimize risk and find profit with warrants.

Here's Why You Should Invest in Asset Managers

 

stock market advicex

 

This Forbes article cites a recent MoneyShow write-up that recommends investors take advantage of the strong stock market and potential interest rate hike by "putting some of your investment assets into the shares of asset management stocks."

 

The article praises The Turnaround Letter's OAK purchase recommendation and quotes George Putnam: "As the corporate debt binge that we’ve experienced since 2009 comes to an end, Oaktree will benefit from a growing number of restructurings and bankruptcies."  

 

Learn more about Putnam's investing success with turnaround stocks.