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  "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 text details seven specific techniques used by BUR to manipulate investment return metrics.",
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      "text": "We are short BUR because it is a poor business masquerading as a great one.",
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      "text": "1) categorizing a loss as a win, 2) counting as “recoveries” awards or settlements with uncertain to highly unlikely collections, 3) misleadingly representing investments, 4) choosing its own cost denominator, 5) delaying recognizing a trial loss, 6) keeping trial losses out of the “Concluded Investment” category, and 7) failing to deduct various costs.",
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      "kind": "paragraph",
      "text": "BUR also reinforces the misperceptions that its fair value gains are prudent by very cleverly conflating two distinct concepts: Realized Gains and Net Realized Gains.",
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      "text": "We are short BUR because it is a poor business masquerading as a great one. BUR woos investors with non-IFRS metrics, particularly IRR and ROIC. However, these metrics are meaningless. They are heavily manipulated and greatly mislead investors.",
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      "text": "3 http://www.lawdragon.com/2018/11/28/the-disruptors-keller-lenkner-moves-from-legal-finance-to-practicing-law/ 4 March 16, 2018 sell-side report, p. 7 5 October 2, 2018 sell-side report, p. 1 6 January 3, 2019 sell-side report, p. 3 7 Our perception is based on reading sell-side research and investor-published research pieces on BUR.",
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