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Investing 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 full year 2017 through 2018 (to date) closed out stock picks gained an average of 51% to date (through 5/31/18).
- The Turnaround Letter's closed out stock picks from 2003 through 2018 have gained an average of 62% (through 5/31/18).
- The 15-year annualized return on The Turnaround Letter's monthly stock purchase recommendations is 12.5%, vs. the S&P 500's 9.5% (through 5/31/18).
- Since inception, the annualized return on The Turnaround Letter's monthly stock purchase recommendations is 12.6% (through 5/31/18).
- A $10,000 investment in Turnaround Letter stock picks 15 years ago would be worth just under $60,000 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 12.5% annualized return (through 5/31/18) 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:
Click the logos below to see George in the news:
George's Stock Picks
This company is a consumer products conglomerate with a diverse portfolio of widely-recognized brands. The company’s growth-by-acquisition strategy has succeeded in making them a bigger company. But it hasn’t made it more valuable to shareholders. Nevertheless, we think the company’s highly recognized brands will fetch more than management’s expectations.
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Debt financing that seemed reasonable prior to the 2009 financial crisis became a millstone in its aftermath. The high interest payments and tight bond covenants severely limited this company's ability to build new homes. A recent debt refinancing should provide considerable financial flexibility. We view value stock as a recovering homebuilder with a poor but improving balance sheet.
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Turnaround Investing Blog
IBM’s stock underperformance since IBM’s current CEO took the helm in 2012 has been stark, with the shares declining 23% while the S&P500 Index has more than doubled. One big problem: revenue growth rate is zero, at best. Without revenue growth, what’s left to entice investors? The real driver of value at IBM – free cash flow that is used to repurchase shares. Can IBM borrow its way to shareholder prosperity as its cash flows shrink? What to do with IBM shares? Wait for a better pitch in the form of a catalyst or much lower valuation.
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.
2017-18 (to Date) Closed Out Stocks Avg. 44% Gains
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