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  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to challenge the company's reported financial health.",
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      "text": "Burford just does not make money on a cash basis, no matter which adjusted metrics management tries to conjure up in a given year.",
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      "kind": "disclaimer",
      "text": "5 BUR 2019 Annual Report, p. 62 6 BUR 2019 Annual Report, p. 48 7 Ibid. 8 https://www.pwc.com/gx/en/audit-services/ifrs/publications/ifrs-9/achieving-hedge-accounting-in-practice-under-ifrs-9.pdf, p. 11",
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      "text": "Operating Cash Outflow: (123.0)",
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      "text": "We also adjust 2019 operating profit lower by approximately -8%, or $20.6 million, which we suspect are dubious fair value gains. Burford’s disclosures do not explain the source of this $20.6 million income...",
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      "text": "Source: Burford Capital 2019 Annual Report, p. 105",
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      "text": "Operating Cash Outflow, As Stated (8.3) Net Proceeds From Third-Party Interests (83.4) Net Proceeds From Brokers (73.4) Net Funding of Financial Liabilities 42.2 Total Nonroutine Cash Inflows (114.7) Underlying Operating Cash Outflow (123.0)",
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      "text": "2019 Operating Cash Outflows Balloon After Excluding Nonroutine Items",
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