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.

Digging through the S&P's Dumpster for Value Stock Profit Opportunity

Excerpted from August 2014 Issue

The S&P 500 has been one of the best performers over the past year among the major stock indices (up almost 17%). But that doesn’t mean that all of its component stocks have fared well. In fact, as investors seem to be getting increasingly nervous about the stock market, when a big-name stock falls short of expectations, or gets out of favor with Wall Street for some other reason, it tends to get crushed. As a result, a number of S&P 500 stocks are down more than 20% over the past 12 months.

We looked at the bottom performers in the index over the past year, and our August 2014 contrarian investing newsletter names nine value stocks--each of which appears to have significant rebound potential for those investors willing to bet against the crowd. They all have solid business franchises, and several of them have powerful brand names as well.

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Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017


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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."