More Turnaround Letter People
Bruce W. Kaser, CFA
Bruce brings to The Turnaround Letter over 25 years of equity investing experience managing institutional portfolios, mutual funds and private client accounts. He has led two successful investment platform turnarounds, headed RBC Global Asset Management’s $1.0 billion Boston-based value/core equity platform and was principal of a $3 billion employee-owned investment management firm. Prior to The Turnaround Letter, he was Portfolio Manager with Ironwood Investment Management where he co-founded and managed the Ironwood Event-Driven Small/Midcap Value strategy, an innovative long-only, low-turnover equity strategy focusing on event-driven companies. Mr. Kaser has been quoted in The New York Times, The Gartman Letter, The Wall Street Transcript and in web articles by Fox Business, US News & World Report and Interactive Brokers. Mr. Kaser earned an MBA in Finance and International Business from the University of Chicago and received an Bachelor of Science in Finance with Honors from Miami University (Ohio). He is a CFA charterholder.
Meet George Putnam, III
Identify & Profit from Distressed Investing
Turnaround Investing Blog
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.
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.
Turnaround Letter Stock Pick Named Top Performer of 2017
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."
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