What follows are two extracts from Investing against the Tide, Anthony Bolton's account of his decades spent managing one of the UK's most successful funds. You can buy the book at a discount in the IC Bookshop.
My favourite type of share
"At the heart of my approach, particularly in the [Fidelity] Special Situations Fund, has been buying recovery or turnround stocks on attractive valuations. These are normally businesses that have been doing poorly, perhaps for some time. Many investors, in my experience, don't like to be associated with businesses that are not doing well and can miss when a change for the better occurs. This often involves changes in the management team, a restructuring or even a refinancing (or a combination of these).