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  "documentTitle": "Burford Capital (BUR)",
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      "text": "We suspect this inflation of deployments came from a need to hit a round number—in this case, $1 billion—by manipulating the numbers to fit the narrative.",
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      "text": "deployments: $982 million",
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      "text": "In another example of Burford’s putting lipstick on the pig by moving the goalposts, Burford began including “hedging-related assets” in calculating deployments and realizations in 2019.",
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      "text": "Burford claimed “another year of deployments above $1 billion Group-wide” in 2019. Hedging-related deployments, however, rose +70% YoY to $92 million... yielding deployments that were $982 million, for a -9% decline YoY.",
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      "text": "Similarly, Burford claims 22% realizations growth... excluding realizations from hedging assets... realizations across Burford’s own capital and that of its funds were only up 14%.",
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      "text": "such inclusions more accurately represent the cash flows in that strategy — Burford Capital (quoted in text)",
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      "text": "15 BUR 2019 Annual Report, p. 43 16 BUR 2019 Annual Report, p. 50 17 Ibid.",
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      "text": "Capital provision-direct assets Burford balance sheet only continued... Concluded 1 11.9 11.9 11.9 8% 19% 0.3 0.3...",
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