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  "documentTitle": "Burford Capital (BUR)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2019-08-16 00:00:00",
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  "notes": "This is a research note page focusing on behavioral analysis of management responses to critical questions.",
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      "text": "Management exhibits aggression, evasion and persuasion on this issue, indicating that there’s merit to the claim.",
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      "text": "4. BUR has been highly reliant on only four cases for its monetizations, showing that its broader portfolio has lacked strength.",
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      "text": "5. BUR's liquidity is risky, and it is arguably insolvent.",
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      "text": "Management exhibits aggression, persuasion and evasion behavior around this issue, suggesting liquidity is a bigger concern than they want to admit. For example, their references to claims of insolvency as 'an entire red herring' and 'patently ridiculous' are examples of aggression behavior designed to impeach the credibility of Muddy Waters.",
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      "text": "Management exhibits aggression, evasion and persuasion on this issue, indicating that there's merit to the claim. Their taking 'umbrage' at the suggestion that people should look at their returns without Peterson and reference to 'foolishness' at looking at their returns without the largest cases are examples of the aggression.",
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      "text": "The call they state, 'And so we provide these two ways of looking at investment performance and both of them have been consistent for years in policies that we apply.' The phrases, 'for many years' and 'for years,' in lieu of something like, 'since inception,' reveals that they likely have not been consistent in their application of policies.",
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      "text": "And so we provide these two ways of looking at investment performance and both of them have been consistent for years in policies that we apply. — Burford Management",
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      "text": "QVERITY, INC.",
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