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Campaigns / Muddy Waters → Burford Capital
Muddy Waters vs. Burford Capital

Burford Capital · BUR

2 decks published between 2019-09-24 and 2020-05-12 — 12 pages, 12 analysed slides total.

follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2019-09-24 follow up

    2019 09 MW_BUR_09242019

    2pp · research_note

    Burford cherry-picks which investments count as 'concluded' to avoid truing up marks; the 110% vs 19% gap between unconcluded and concluded returns exposes systematic fair-value manipulation.

    N 3 V 1 C 1
  2. 2020-05-12 follow up

    2020 05 MW_BUR_05122020

    10pp · research_note

    Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.