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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-07 00:00:00",
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  "notes": "Includes a table calculating fair value markups and a Bloomberg terminal screenshot showing stock price decline and insider selling.",
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      "text": "This means that BUR marked up its core balance sheet investments a whopping 90% in 2018, with markups growing further to an eye-popping 135% in H1 2019.",
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      "text": "Bloomberg terminal chart showing BUR stock price and insider transaction",
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      "text": "Fair Value Markup: 135%",
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      "text": "Even the following short assessment shows that BUR’s Fair Value Gains appear highly questionable, and grew rapidly in H1 2019.",
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      "kind": "paragraph",
      "text": "We call upon BUR to detail its historical gross fair value gains by period.",
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      "kind": "paragraph",
      "text": "Why does BUR discuss Realized Gains in its materials and filings when it does not accurately describe BUR’s accounting for Net Realized Gains? Our best guess is because they’re lawyers and they like making tens of millions of dollars through selling stock.",
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      "text": "Burford Capital Balance Sheet Core Litigation Fair Value Markups table",
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