The Turnaround Letter's Historic Portfolio Returns

You've seen some of The Turnaround Letter's market-beating performance results--now take a look at our year-to-year returns compared to the S&P 500 since 1991. 

Year Turnaround Letter S&P
1991 56.7% 30.5%
1992 63.4% 7.6%
1993 52.6% 10.1%
1994 -8.9% 1.3%
1995 24.8% 37.6%
1996 16.3% 23.0%
1997 11.3% 33.36%
1998 -14.4% 28.6%
1999 34.2% 21.0%
2000 -7.0% -9.1%
2001 15.6% -11.9%
2002 3.5% -22.1%
2003 59.4% 28.7%
2004 28.6% 10.9%
2005 9.4% 4.9%
2006 26.3% 15.8%
2007 -2.2% 5.5%
2008 -55.4% -37.0%
2009 75.6% 26.5%
2010 30.4% 15.1%
2011 -10.3% 2.1%
2012 27.5% 16.0%
2013 50.9% 32.4%
2014 2.4% 13.7%
2015 -19.7% 1.4%
2016 31.4% 12.0%
Learn more about our performance calculation methodology.


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The Turnaround Letter.

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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.