What the Experts Say about The Turnaround Letter


George Putnam puts his 30+ years of trustworthy investment experience and proven track record of double-digit investment returns to work for the benefit of Turnaround Letter readers—identifying well diversified, quality stock picks on the brink of a turnaround.

Here’s what the experts think of George Putnam and The Turnaround Letter’s easy-to-implement strategy for long-term stock market success:


“To find a prince, you sometimes have to kiss a lot of toads—especially as we approach the end of the year….George Putnam, editor of The Turnaround Letter, has been putting this theory into practice for years. He is one of the select few advisors I follow who has beaten the stock market on a real-world basis over the long term. I calculate that his model portfolios, on average, have delivered an annual return of 11.9%—versus the Standard & Poor’s 500 index’s 10.6%--since the late 1980s, including dividends.”

- Mark Hulbert, Barron's

“[W]e're deep into a 'substance light' era of online content, dominated by vapid Twitter rants, pesky blogs offering puff posts and a hollowed-out financial press corps. Sure, sell-side analysts on Wall Street still write substantial research…[b]ut you have to take it with a grain of salt….Are the analysts really impartial? All of this highlights the value of the humble stock newsletter writer….[Q]uantitative analysis has shown that newsletter writers can be a profitable source of stock ideas.” Brush names George Putnam among his top five newsletter writers.

- Michael Brush, MarketWatch

“For almost three decades, George Putnam has been finding value at the bottom with his Turnaround Letter.”

- Steven Halpern, MoneyShow.com

“Bargain Hunters who like out of favor stocks with good prospects should look at The Turnaround Letter....Are you a contrarian—someone who can see value in stocks that no one else likes? If so, The Turnaround Letter is your baby.”

- Steven D. Goldberg, Kiplinger Personal Finance

"Everyone loves the idea of a turnaround stock…a turnaround story, but there are specific things that go into a turnaround and that's part of the discipline that allows George to be successful at it….He's got his own definition for it and how it works."

- Chuck Jaffe, MoneyLife Radio

“For 21 years, George Putnam III has trained his sights on one of the more obscure areas of investing: turnaround situations and bankruptcies. By focusing on out-of-favor companies, his flagship publication, The Turnaround Letter, has achieved enormous success for its subscribers. For the five years through September, ideas in the newsletter generated average annual returns of 25.3%, versus 13.3% for the Wilshire 5000 index. For the past decade, they gained 17.1%, compared with an average annual 7.1% for their benchmark. Clearly, this grandson of the founder of Putnam Investments knows a thing or two about investing.”

- Sandara Ward, Barron’s

“…I like to feature the stock picks of the unsung heroes of investing—stock newsletter writers—for a simple reason. Stock letter writers aren't as glamorous as high-profile hedge fund managers who jet around in private planes. But they deliver results, and that's what matters…..The lion's share of those gains came from two picks apiece from two of my favorite value managers for the past decade: George Putnam of The Turnaround Letter (his picks were up 74.4%)…”

- Michael Brush, MSN Money

"Warren Buffett is not the only investor who publishes a must-read newsletter." MarketWatch notes that several have outperformed Berkshire Hathaway—with the added bonus of not making "you wait a whole year, as Buffett does, to get updated insights." Berkshire Hathaway's 15-year annualized growth rate is 9.4%. Hulbert notes that The Turnaround Letter easily "bettered that return" with its 12.1%.

~ Mark Hulbert, MarketWatch

“When it comes to profiting from other people’s problems, there’s no place like Wall Street. And, in recent months, there’s been no analyst like George Putnam when it comes to telling people how to do it.”

- Susan, Antilla, The New York Times

It takes a gutsy investor to buy a stock when it’s down and the bad news about the company shows little sign of abating. But such bottom-fishing can be enormously profitable if you’re right about the long-term prospects of an outfit for which the here-and-now crowd on Wall Street has no patience. Take the Turnaround Letter, for example. Buying out-of-favor stocks has made it one of the best-performing investment newsletters in the business, returning an annualized 21.2% for the five years ended November 30, compared with just 11.2% for the broad market, as measured by the Standard & Poor’s 500 index.”

- Anne Kates Smith, Kiplinger Personal Finance

“It should be little surprise that Putnam’s letter has one of the best long-term records of any that I monitor. Over the last 20 years, according to my firm’s performance tracking, the Turnaround Letter has produced a 10.4% annualized return, versus 6.8% for the Wilshire 5000 index’s W5000, -0.16%  total return."

- Mark Hulbert, MarketWatch

[Putnam is] one of my two favorite value fund managers for the past decade….Down here, the [FelCor Lodging Trust (FCH)] stock looks attractive to George Putnam, a value investor who writes The Turnaround Letter, which places third for 20-year results, posting 11.6% annualized gains.”

- Michael Brush, MSN Money

"Despite the high risk, this newsletter nevertheless has managed to beat the stock market--thereby beating the odds that high-risk strategies will eventually stumble badly."

- Mark Hulbert, MarketWatch

“The market may be murky, but one top-performing letter is fully invested regardless—and its success is particularly striking because its predicated on the assumption that things will get better….Turnaround [Letter]’s [George] Putnam eschews macro comments. But looking at his specific stock selections, it seems clear that he doesn’t think the world is coming to an end. And these days, that’s something to be thankful for.”

- Peter Brimelow, MarketWatch

“[2012’s] best performer (by far) is office superstore chain OfficeMax (OMX), which has more than doubled in price year-to-date. OMX was picked by George Putnam III, editor of The Turnaround Letter. As you can tell from its name, his newsletter focuses on turnaround situations, and [Putnam] clearly has skill at selecting promising rebound candidates from a field of beaten-down stocks, many of which may never recover.”

- Chloe Lutts Jensen, Dick Davis Investment Digest

Before 2014 comes to a close, take a moment to meet some Rodney Dangerfields of the stock market—because it might boost your returns in 2015. You won't see these stock newsletter writers ranting on your favorite TV show. But they merit your attention more than the talking heads. That's because a select few of them have managed to produce market-beating returns over the long run. Take George Putnam, who pens The Turnaround Letter, for example."

- Michael Brush, The Fiscal Times


Read more accolades . 

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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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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


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."