Turnaround Investing Blog

George Putnam, one of the country's leading turnaround and distressed investing professionals, shares his timely insight on the economy and turnaround investing opportunities.

Can A New CEO Lead The Stock Upward?

Excerpted from April 2014 Issue

One of the characteristics we often like to see in a turnaround stock is a change in top management. Many times the management that led a company into trouble is not going to be able to fix the problems. A turnaround often takes special skills that many CEOs lack. Moreover, a new leadership team can take a fresh look at the company’s business and not be burdened by past mistakes.

However, it can take time to execute a turnaround, even for a skilled group of executives. This led us to look at the class of new CEOs who took over struggling companies in 2012. As they approach their second anniversary in office, they should be beginning to hit their stride.

Our most recent contrarian investing newsletter identifies nine companies that, in addition to new CEOs, have some of the other key characteristics that we like to see in turnaround situations—including strong core businesses, well-known brands and decent balance sheets.

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Boston Beer--Time for Investors to Step Up to the Bar?

Boston Beer is the nation's largest craft beer company, with 2017 revenues of over $900 million. Since its days as a start-up in 1984, it has led the nation's growing taste for craft beers; and shareholders have enjoyed tasty returns along the way. So why is The Turnaround Letter--which focuses on out-of-favor companies undergoing major positive changes--even thinking about this ostensible "growth" company?  Read More.

Harnessing Activists to Help Find Turnaround Stocks

Activist investors often produce attractive returns for their clients; and you can still use their influence to help your position as a turnaround investor in two ways: Buy a position in a stock with the expectation that an activist will soon follow or buy after an activist takes a stake.


Value Investing


While one of the many dozens of activist funds might find their way to selecting your particular stock, this approach is likely to be frustrating and unrewarding. A better approach is to buy after the activist makes their move. Once an activist takes a stake in a company, how do you evaluate whether it is worthwhile to follow on? Admittedly, this is a bit of an art... Learn how you can harness the power of activist investors to find market-beating turnaround stocks.

Turnaround Letter Stock Pick Named Top Performer of 2017


stock market advicex


What Last Year's Top Stock Pickers Are Buying in 2018


This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.


George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."