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  "documentTitle": "Burford Capital Ltd. (BUR LN)",
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      "text": "Market Cap: £2.45 billion",
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      "text": "BUR's top management... We calculate that as of H1 2019, fair value gains constituted 53.9% of balance sheet core litigation assets... We believe that at least 72% – and possibly as much as 90% – of H1 2019 Total Investment Income was really from Fair Value Gains.",
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      "text": "In actuality, BUR's net realized returns have relied on a very small number of cases. Just four cases have produced approximately 66% of BUR's net realized gains during 2012 through H1 2019.",
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      "text": "We are short BUR. For years, it was the ultimate 'trust me' stock... This data proves that BUR has been egregiously misrepresenting its ROIC and IRRs, as well as the state of its overall business.",
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      "text": "We have repeatedly commented on the increasing complexity of Burford's investment transactions... but also an illustration of our success in turning complexity into profit.",
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      "text": "“We have repeatedly commented on the increasing complexity of Burford’s investment transactions, and the Jaguar investment is an example of both investment and accounting complexity – but also an illustration of our success in turning complexity into profit.” — Burford Capital 2017 Annual Report, p. 23.",
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      "text": "Report Date: August 7, 2019; Company: Burford Capital Ltd.; Ticker: BUR LN; Industry: Specialty Finance; Stock Price: £11.21; Market Cap: £2.45 billion; Float: 91.8%; Average Daily Volume (30-day): £11.63 million",
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