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.

Retailing

Traditional Retailers: Will Brick-and-Mortar Stores Disappear?

Excerpted from the April 2016 Issue

Our answer is “No, at least not for many decades”--but to look at the stock performance of most traditional retailers over the past year, it appears that many investors disagree. When some retailers posted disappointing results last autumn, many retail stocks dropped 40-50% from highs set only a few months earlier.

To be sure, online shopping is going to continue to grow; but we believe that the best of the traditional retailers will not only survive but will thrive as they leverage their strong brands to put together an appealing combination of online and brick-and-mortar shopping experiences. These stronger players will gain market share as some of their weaker rivals are not able to adapt to the evolving retail environment. The five companies discussed in our April distressed investing newsletter all have good brands and relatively strong balance sheets, pay a decent dividend and have stocks trading well below their 12-month highs.

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Books we Recommend for the Holidays

Looking for a stocking-stuffer for the investor or businessperson in your life, or perhaps for yourself? Don’t have a lot of time to stroll through a brick-n-mortar bookstore or wonder which books among Amazon’s endless inventory are actually worth buying? Our list, assembled by George Putnam and Bruce Kaser, includes some fascinating new titles as well as several timeless classics about successful investing and leadership. All are valuable reads which any recipient will be thrilled to dive into. Read More.

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.

Read More.

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."