Learn how to find and invest in undervalued stocks from the market insider that MSN Money’s Michael Brush calls one of his “favorite value managers for the past decade.”, George Putnam III.
Recently I was asked how my investing perspective changed over the 32 years of publishing The Turnaround Letter. It's a fascinating question because change is constant, and often beneficial (although that's not a given) in the business world. If change is the norm, can investing principles stay constant? I firmly believe that they can.
For example, Apple is one of the greatest value investing stories in history. You can call it the validation of the Benjamin Graham's value investing thesis. Apple was near bankruptcy in 1997 and Microsoft had to come in and rescue it with a $150 million equity investment. Without that fortuitous investment we may not have had revolutionary products like the iPhone or iPad. MarketWatch author Mark Hulbert recently pointed out that I recommended Apple in 2002, when it was trading for a split-adjusted price of $1.14. Hard to believe that Apple stock traded for little over a dollar (split-adjusted) just sixteen years ago. In his article, I shared that a lot of the same basic principles I believed when I wrote our first ever Letter, I still believe today. For example:
Through diligence, and hard work the market still rewards those with the patience to persevere.