The Ultimate in
"Buying Low, Selling High"

Welcome to the Turnaround Letter, an investment newsletter which focuses on bankruptcy- and turnaround-investing.

Our performance record speaks for itself: Our picks returned 59.4% in 2003, 28.6% in 2004, 9.4% in 2005, and 14.25% in the year ending June 2006. And over the past several years, has gained an average annual return of 21.5% compared to less than 4.5% for the Dow Jones Wilshire 5000.

How do we achieve such eye-popping returns during flat and even down markets? 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. If you subscribe today, we will rush TWO special reports, the brand new "5 Buffett-Style Housing Stocks Ready to Take Off," as well as "5 Stocks Your Broker Will Never Recommend," absolutely FREE. In these reports, you will find the Turnaround Letter editor George Putnam's key turnaround plays for 2007.

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.

Need an example? We recommended that our readers buy shares of Apple in November of 2002 when it was trading for $7.82. Now, with the iPhone having become a cultural phenomenon, Apple trades for $187, a gain of more than 2,291%!

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 but completely objective categories based on market capitalization: Large-Cap (greater than $10 billion), Mid-Cap ($1 billion to $10 billion) and Small-Cap (less than $1 billion). The small-cap stocks tend to be more volatile than mid-cap stocks, which in turn tend to be more volatile than large-cap stocks.

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.

Subscribe today to get your FREE special reports: "5 Buffett-Style Housing Stocks Ready to Take Off," as well as "5 Stocks Your Broker Will Never Recommend,"

  Meet our Forbes Guru: George Putnam

George Putnam has edited The Turnaround Letter since its founding in 1986. He specializes in spotting undervalued opportunities in troubled companies, bankruptcies and turnaround situations.

Prior to starting The Turnaround Letter, George practiced corporate, securities and bankruptcy law with a large national law firm. He first became interested in troubled companies when he worked on the bankruptcy of the Reading Railroad in the late 1970’s.

George is a nationally recognized expert in turnaround and bankruptcy investing. He is frequently quoted in business publications such as the Wall Street Journal. He has appeared on a number of television networks including CNBC, CNN, Bloomberg and PBS (Wall Street Week with Louis Rukeyser). He has a law degree (JD) from Harvard Law School and a business degree (MBA) from Harvard business school.



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