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  "docSlug": "e03b9adf861d",
  "documentTitle": "Burford Capital Ltd. (BUR LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-07 00:00:00",
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  "pageNumber": 22,
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  "density": "dense",
  "nDataPoints": 80,
  "notes": "The slide uses data from Burford's own reports to argue that the company's performance is driven by a small number of cases rather than broad portfolio strength.",
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      "text": "The reality is that BUR is much more concentrated, and has really been dependent on just four cases (including bailed-out Napo) to generate 66% of its net realized gains over the prior seven and a half years.",
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      "text": "Percentage of Total Net Realized Gains: 66%",
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      "kind": "paragraph",
      "text": "Through manipulating ROICs and IRRs, BUR presents an image of a business that derives profits from a broad range of cases in its book. The reality is that BUR is much more concentrated...",
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      "kind": "paragraph",
      "text": "Then, we assume annualized 25% markups across the balance sheet, excluding the Teinver investment... BUR has already pulled the vast majority of income from a favorable resolution at current market prices.",
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      "text": "Four Cases Contribute the Majority of Net Realized Gains table",
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      "kind": "table",
      "text": "Burford Balance Sheet Capital at Cost table",
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      "text": "BUR Has Been Highly Reliant on Only Four Cases for its Monetizations, Showing that the Broader Portfolio Has Lacked Strength",
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