Betting on turnarounds can be lucrative, but it's important to remember that successful turnarounds don't happen very often. A successful turnaround requires, at minimum, a solid foundation. There must be some good buried underneath all of the bad.

Beyond Meat (NASDAQ: BYND), a pioneer in the plant-based meat industry, is in serious trouble. It's the kind of trouble that has no easy solution. Not only has the company made mistakes, but the fake meat industry is also struggling. Beyond cost-cutting, there's no real strategy for Beyond Meat.

This is not the type of turnaround that's likely to succeed.

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Source Fool.com