{
  "docId": "019dd923-622c-750b-8b96-eb2576cbab3d",
  "docSlug": "0d524eabda1e",
  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-08-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 8,
  "pageCount": 9,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "This slide continues a list (starting at 'c') and focuses on identifying deceptive communication patterns in management responses.",
  "elementsJson": [
    "paragraph",
    "numbered_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-eb2576cbab3d/8",
  "deckHref": "/decks/019dd923-622c-750b-8b96-eb2576cbab3d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-eb2576cbab3d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-eb2576cbab3d#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management goes to great lengths to convince investors that they’re transparent and respond to investor feedback on more disclosure. However, their statements about being “open to the conversation” seem hallow and their attempts to justify failing to do so (“candidly, I’m not quite sure how much more detail we could provide“) suggests they’re unlikely to increase transparency meaningfully.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-86fa-c756fbd74aa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.2,
        "y": 0.82
      },
      "kind": "disclaimer",
      "text": "The opinions expressed herein stem from an analysis performed by QVerity, Inc. based upon their education, training, and experience in behavioral analysis for use by our client Muddy Waters.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df1a00c6-60c9-4f3f-b4b2-f314ced0d208",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.6,
        "x": 0.2,
        "y": 0.1
      },
      "kind": "list",
      "text": "c. Management transparency issues regarding cash flow and disclosure.\nd. Non-committal statements on main market listing.\ne. Vague language regarding US secondary listing.\nf. Evasive responses to financial leadership conflict of interest.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "397e9462-441c-4d2a-ad68-b8613670a098",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The opinions expressed herein stem from an analysis performed by QVerity, Inc. based upon their education, training, and experience in behavioral analysis for use by our client Muddy Waters. — QVerity, Inc.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-86fa-cb5dcbb57912",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.14,
        "x": 0.43,
        "y": 0.05
      },
      "kind": "title",
      "text": "QVERITY, INC.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19200d99-4042-45ed-8304-3563ce52e215",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "48502978-59d4-4933-9284-781d76e4d8eb",
      "evidence": "The text analyzes management's language to expose potential deception and lack of transparency.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 8,
      "beatId": "3f22c286-579a-433a-9d94-f6241595b48e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and disclosure",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}