There's no sense sugarcoating it: This is a tough market.

With the S&P 500 down a lot already this year -- and the Nasdaq Composite down even more -- many investors think that that the only way to make a positive return is to either short stocks or invest in Treasury bills. But there has been another way: on the long side in a carefully selected cadre of turnaround stocks.

Here's the performance of the

Top 10 Turnaround Candidates for 2002.

For my latest opinion on each of these stocks, sign up now for a free 30-day trial to

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The Turnaround Report

As I said in a recent

column, my newsletter is separate from my writing for

RealMoney.com

. It's for readers of my columns who want more -- more turnaround stock ideas, more analytical detail, more blunt, straight talk about companies that are overvalued (I've been out front on

IBM,

Oracle,

Tyco,

General Electric and

Cisco, among others) and companies that are undervalued (19 of 20 of my Top 10 Turnarounds for the past two years have outperformed the S&P 500). This market is tough enough without having enough weapons available in your arsenal. Give a subscription a try. Click

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Arne Alsin is the founder and principal of Alsin Capital Management, an Oregon-based investment advisor specializing in turnaround situations. At time of publication, Alsin and/or ACM was long all of the stocks mentioned in this column, except Cummins and Dillard, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Alsin appreciates your feedback and invites you to send it to

arne@alsincapital.com.