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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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  "notes": "The slide uses a critical tone to challenge the company's reported performance metrics.",
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      "text": "Using the same net realized gains computations as above, BUR's sky-high ROICs fall back to 19% over that seven-and-a-half-year period.",
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      "text": "ROIC: 19%",
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      "kind": "paragraph",
      "text": "In addition to this case, there appear to be four realizations that have taken place in H1 2019 as merely settlements, or non-cash realizations. Napo demonstrates that BUR has booked illusory non-cash realizations before. We believe we have identified two of these investments. Excluding these investments to arrive at a truer, cash ROIC further depresses BUR's H1 2019 returns number:",
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      "text": "Without these cases, BUR's vaunted recoveries no longer look as pretty. Using the same net realized gains computations as above, BUR's sky-high ROICs fall back to 19% over that same seven-and-a-half-year period:",
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      "kind": "paragraph",
      "text": "However, even this ROIC calculation gives BUR too much credit for the poor cash returns on the body of its investments. In H1 2019, BUR realized an investment in its complex strategies fund, whose assets it books entirely as its own while having only contributed 30% of the total capital.",
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      "text": "101-104 Footnotes regarding Burford Capital reports and case data.",
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      "text": "When Excluding Four Cases, Burford's Balance Sheet ROIC Falls to 19%",
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      "text": "H1 2019 Complex Strategies Investment Effect on Returns",
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