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27 Cost Of Inaction
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The slide serves as an introduction to a short report, establishing the company profile and the core thesis of accounting fraud.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · ProblemLoop · Cost Of Inaction1 hit
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The slide functions as a short-seller research note, specifically targeting governance and accounting transparency.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · ProblemLoop · Cost Of Inaction1 hit
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The text details seven specific techniques used by BUR to manipulate investment return metrics.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · ProblemLoop · Cost Of Inaction1 hit
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The slide uses a 'fraud-exposure' framework to systematically dismantle the company's financial reporting integrity.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · ProblemLoop · Cost Of Inaction1 hit
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The slide uses a specific case study (Napo) to illustrate accounting manipulation and unethical management practices.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · AgitateLoop · Cost Of Inaction1 hit
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The narrative text discusses financial distress and potential conflicts of interest involving Burford Capital and Invesco.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · AgitateLoop · Cost Of Inaction1 hit
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The text functions as a forensic investigation into corporate financial maneuvers, specifically questioning the alignment of investment objectives with actual outcomes.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · AgitateLoop · Cost Of Inaction1 hit
09
The slide uses a Bloomberg terminal screenshot and a Burford Capital investment table to argue that Burford misrepresented the performance of the Napo investment.Burford Capital Ltd. (BUR LN) · Carson C. Block
Research note Short seller Beat · AgitateLoop · Cost Of Inaction1 hit
57
The slide uses comparative financial ratios to argue that Shujia's reported deferred revenue is inconsistent with industry norms, implying potential misrepresentation of business consolidation.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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The slide functions as a forensic accounting analysis, using bullet points to detail suspicious financial patterns and operational discrepancies.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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Includes footnotes 145, 146, 147. Uses ASC 805 accounting standards as a basis for the argument.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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The slide uses a logical deduction framework to highlight a discrepancy in financial reporting between November and December 2016.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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This slide is part of a research note alleging financial manipulation by TAL Education Group.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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This is a text-heavy research note page focusing on forensic accounting/fraud allegations.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
63
Contains specific transaction amounts (604,350 RMB, 195,700 RMB, 16.5%) and signatures from July 13, 2015.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
64
The slide contains a table showing shareholder capital contributions, with specific emphasis on cash contributions.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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The slide presents a primary source document (SAIC record) to verify corporate registration and shareholder capital details.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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The table includes a red arrow pointing to the 2016 total assets figure to emphasize the reconciliation result.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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Includes specific annotations regarding the reconciliation of total liabilities and P&L figures.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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Includes year-over-year percentage growth figures for each metric.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
69
Includes FX rates for each year and source attribution.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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Data presented in millions of RMB; source cited as SAIC financials and credit reports.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
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Data presented in USD millions; includes source and FX rate notes at the bottom.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Expose ContradictionLoop · Cost Of Inaction1 hit
02
This is a research note/investor letter. It uses aggressive, confrontational language to frame the company's management as fraudulent.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Problem & ComplicationLoop · Cost Of Inaction1 hit
03
This is a research note page from a short-seller report (likely Muddy Waters or similar) alleging accounting fraud.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Problem & ComplicationLoop · Cost Of Inaction1 hit
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Includes three tables: BJ Lebai financials, monthly student enrollment projections, and a summary calculation of deferred revenue.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · EvidenceLoop · Cost Of Inaction1 hit
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The slide calculates the deferred revenue impact of a 4% monthly growth cohort model and applies a 30% discount based on ASC 805 fair value accounting.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · EvidenceLoop · Cost Of Inaction1 hit
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The slide uses a bottom-up calculation to expose a discrepancy in financial reporting.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · EvidenceLoop · Cost Of Inaction1 hit
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Includes detailed footnotes regarding revenue sources and tuition assumptions.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · EvidenceLoop · Cost Of Inaction1 hit
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Includes a footnote regarding sensitivity to tuition rate assumptions.TAL Education Group (TAL) · Carson C. Block
Research note Short seller Beat · Impact & Next StepsLoop · Cost Of Inaction1 hit