{
  "docId": "019dd923-622c-750b-8b97-079dea278909",
  "docSlug": "2d9ed566f5e8",
  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 9,
  "pageCount": 10,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a combination of a data table to show accounting manipulation and narrative text to critique the valuation of a specific asset (Petersen).",
  "elementsJson": [
    "headline_text",
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-079dea278909/9",
  "deckHref": "/decks/019dd923-622c-750b-8b97-079dea278909",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-079dea278909.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-079dea278909#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Burford Uses Hedging Assets to Inflate Deployments and Realizations",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebe-e9b71fe7e0b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "YoY growth: -35.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebe-f0a2ba7504de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.76,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "In our view, Burford's strained attempts to justify the bloated Petersen valuation are chief among the company's attempts at misdirection...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77bcadf7-dc9e-4f4f-a6e0-9f2b2e931486",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“When you invest in a suit like this, you’re not betting on sovereign debt.” — BUR FY2019 Earnings Call Transcript",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebe-ed280bbdd2a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "18-21 Footnotes detailing sources for the claims.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6fbb2cf-7c17-4abf-b996-86a8bcba89f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.52,
        "x": 0.24,
        "y": 0.11
      },
      "kind": "table",
      "text": "Burford Balance Sheet Only and Total ($millions) tables comparing As Presented vs Excluding Hedging Assets for 2018/2019.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1ea7b6e-2063-4c5a-9a81-ac588bd332b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.12,
        "y": 0.41
      },
      "kind": "title",
      "text": "Petersen Appears to be Egregiously Mis-Marked",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21c3a83a-2d43-486a-8849-b9fc89964d65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.25,
        "y": 0.09
      },
      "kind": "title",
      "text": "Burford Uses Hedging Assets to Inflate Deployments and Realizations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f4de85-459d-4372-a9fb-244a6ee13b53",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "8201f19b-ca5c-4bbc-8647-b98a11e40d94",
      "evidence": "The slide explicitly argues that the company is using accounting tricks to inflate metrics and mis-marking assets.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}