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September 17, 2019
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Invest with The Turnaround Letter

Delivering profitable, contrarian value investment ideas and research to our members every month, since 1986.

We find the high-profit potential turnaround stocks that most investors overlook.

“George Putnam is one of the select few advisors I follow who has beaten the stock market on a real-world basis over the long term. I calculate that his model portfolios, on average, have delivered an annual return of 11.9%—versus the Standard & Poor’s 500 index’s 10.6%–since the late 1980s, including dividends.” – Mark Hulbert, Barrons

Who we are:


The Turnaround Letter is a monthly newsletter that makes money for its subscribers by providing investment insight, advice and stock purchase recommendations focused on companies that are turning around or otherwise deeply out of favor. Published 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.

Our Results:


The 20-year annualized return on The Turnaround Letter’s monthly stock purchase recommendations was 8.73%, vs. the S&P 500’s 6.12% (through 8/31/2019).

The Turnaround Letter’s full year 2018 Closed Out stock picks produced profits averaging 73%.

The Turnaround Letter’s Closed Out stock picks from 2010 through 2018 produced profits averaging 65%.

A $10,000 investment in Turnaround Letter stock picks starting 20 years ago would be worth $53,300 today, while $10,000 invested in the S&P 500 would only have returned $32,800.

What Our Members Say About Us
“This is a great value proposition. Excellent research is done, the writing is top quality, and for people who like this kind of investing, it’s the best investment advisory newsletter around.”

“I like the Catalyst Report. I like the true value discipline. Amazing performance. You don’t let your members pressure you into buying GOOG.”

MSN Money

MSN Money’s Michael Brush calls George Putnam one of his two “favorite value managers for the past decade.”

“I’ve been a subscriber for more than 20 years, and plan to continue subscribing for the next 20. The Turnaround Letter has been an extremely valuable source of lucrative investment ideas for me.” – Ken. W

Ken W.

“The Catalyst Report alone is worth the price of the subscription. The Turnaround Letter staff provides excellent input on their analysis on turnaround activity, including activist activity, company by company.”

“The Turnaround Letter works, and the methodology makes sense to me. It gives individual investors an edge.”

“By focusing on out-of-favor companies, The Turnaround Letter has achieved enormous success for its subscribers.” – Barrons

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About the Research Team
George Putnam

George Putnam

Founder and Editor
George Putnam III, founded The Turnaround Letter and its parent New Generation Research in 1986. He has over 35 years of contrarian investing experience. A nationally recognized expert in turnaround and bankruptcy investing, Mr. Putnam is quoted in publications including Barron’s, The Wall Street Journal and Forbes and has appeared on Bloomberg and CNBC. George is the founder and President of New Generation Advisors, an investment partnership focused on distressed and bankrupt securities investments. He serves as a trustee for the Putnam Group of mutual funds. Mr. Putnam is a graduate of Harvard Law School and Harvard Business School.

Bruce W. Kaser, CFA

Head of Equity Research
Bruce Kaser has over 25 years of value 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. Prior to New Generation Research, he led the Event-Driven Small/Midcap strategy for Ironwood Investment Management, and was Senior Portfolio Manager with RBC Global Asset Management and its predecessor where he co-managed the $1.0 billion value/core equity platform for over a decade. He earned the MBA degree, in Finance and International Business, from the University of Chicago and Bachelor of Science in Finance with Honors from Miami University (Ohio).

Lawrence (Lowell) Dorr

Research Analyst
Lowell Dorr is a Research Analyst for New Generation Research. He joined in January 2019 after interning at the company during the previous summer. A Boston native, he developed his formal investment research skills as an investment management intern at the Northern Trust Company in Chicago and through completion of the Tuck Business Bridge Program at Dartmouth. Lowell is a 2018 graduate of both the College of William & Mary in Virginia and the University of St Andrews in Scotland, earning a B.A. in History and an International Joint Honors degree, with a focus on Russian and South Asian history. His senior paper was on the Ptolemaic dynasty of ancient Egypt. In his spare time, Lowell is an avid squash player and runner, completing his first marathon in 2017.