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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson C. Block",
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  "notes": "This is page 4 of 9 of a research note. It focuses on behavioral analysis of management responses.",
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      "text": "The responses from Burford management contain a significant volume and density of deceptive behavior across all of the issues identified in the Muddy Waters report.",
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      "text": "1. Manipulation of Performance Metrics: We show that BUR heavily manipulates these metrics, ROIC and IRR",
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      "text": "a. Burford Management exhibits aggression, evasion and persuasion around this issue... This blatantly omits any detail about what this \"matter\" [is].",
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      "text": "In this report, QVerity conducted a comprehensive behavioral analysis of Burford's written response... The deceptive behavior detailed in this report were identified in Burford's responses and fell primarily into three categories of deceptive behavior: evasion, aggression, and persuasion.",
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      "text": "Perhaps the most inadvertently revealing statement in the response was John Lazar’s comment that he read the report “knowing there was no smoking gun.” — John Lazar",
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