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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-07 00:00:00",
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  "notes": "The slide uses a specific case study (Petersen) to critique the company's financial reporting methodology.",
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      "kind": "callout",
      "text": "To illustrate how BUR’s accounting really works, we start with the example on the below slide from the 2018 Capital Markets Day presentation.",
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      "text": "Fair Value Gains: $277.3 million",
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      "text": "If 'realised gain' were the same thing as Net Realized Gain, then both BUR's Net Realized Gains account and Total Investment Income would increase by $4.3 million. However, in the real world of BUR accounting...",
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      "text": "We believe that at least 72% - and possibly as much as 90% - of H1 2019 Total Investment Income was really from Fair Value Gains. Out of $277.3 million of Total Investment Income in H1 2019...",
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      "text": "However, in the real world of BUR accounting, significant Net Realized Gains do not imply that BUR's Fair Value Gains are so conservative. Even more problematic is that when BUR books a Net Realized Gain...",
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      "text": "Footnotes 77-80 detailing sources for the financial claims.",
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