Welcome to The Turnaround Letter, an investment newsletter which focuses on bankruptcy and turnaround investing.  Our record speaks for itself:  According to the independent and highly respected Hulbert Financial Digest, which monitors more than 160 investment newsletters, our 5 Year return as of January  2004:

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Turnaround Letter Investment Philosophy

Our approach is simple. We avoid the "blue chips" and "hot" stocks that most investors are stampeding into. Instead, we search out companies that have had some problems and are temporarily out-of-favor, but are in the process of turning around. These stocks seem like laggards when we first identify them, but as the turnaround becomes more evident, Wall Street will jump into the stock and push the price up - often dramatically.

We also try to minimize risk in several ways. First, we believe there is much less risk in a "troubled" stock that has already been hammered down by the market than in a "hot" stock that is trading at 30 or 40 times earnings. The hot growth stock will come crashing down if there is just a little bad news (or perhaps even good news that wasn't quite as good as Wall Street expected). But a stock that is already perceived as troubled may hardly budge on more bad news.

In addition, we divide our recommendations into three different categories. The "category" for each stock reflects our estimate of its likely level of volatility and risk. "More Conservative/Income" stocks are expected to be less volatile, and they often pay a dividend that helps cushion their price swings. Stocks in the "Aggressive" category usually have very low prices and quite a high level of risk - but also the potential for great price appreciation. The "Moderate" category falls in between the other two. As with any sound investment philosophy, diversification is a very important aspect of turnaround investing. The more diversification you can achieve, the lower your overall risk level will be.

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