Turnaround situations are notorious for rarely turning around. They do have a reputation for delivering spectacular returns, if and when a company can actually turn things around. Once a company has lost its way, it is very difficult to regain market share or become profitable even if new management is at the helm.
We discussed this briefly in a Twitter thread after an insider purchase at General Electric (GE) by Larry Culp. Despite his excellent management of Danaher (DIS) from 2000 to 2014, Culp had a hard time turning around a behemoth like GE in the nearly 3.5 years since he took the top job.