In this post, I offer thoughts on the Muddy Waters’ report. Some of its claims were valid, some were innocuous, and a few seemed so obviously flawed as to be postulated in bad faith. I was surprised by how readily the write-up was received as gospel truth. Twitter was inundated with self-loathing from former Burford […]
Category Archives: [BUR] Burford Capital
For those of you who are intimately familiar with Burford (there seem to be a lot of you!), bear with me for a few paragraphs as I run through some preliminary concepts for newcomers. Here is how Burford represents the returns it has generated on its portfolio: ROIC is simply the profits realized on […]
This is a two-parter. Part 1, today’s post, discusses the industry and Burford’s putative moat; Part 2, which will be posted a week from today, digs into Burford’s reported returns (including Cannacord Genuity’s skepticism thereof) and valuation. Law firms are staid institutions, averse to change and culturally ill-suited to bearing risk on high stakes IP […]