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-Turnarounds- you wait for the turnaround to happen or not happen. This involves watching the balance sheet like a hawk, the plan for getting out of trouble, and how things are progressing. So this could be an either/or situation. Turnarounds are hard though.

IMHO, turnarounds are easier than other kinds of stocks.

Wait for them to turn around first. Then buy. You will still have massive gains ahead as 'the market' will still be doubters about a perennial underperformer.

There was a long, long time to get back into airlines, for example. You didn't have to jump in at 15, or 20, or even 30 in UAL. You could have waited until $40 to be really sure and made 75% in ~1 year.
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