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[BUR/LN – Burford Capital] Part 3: The short heard round the world

Posted By scuttleblurb On In [BUR] Burford Capital | Comments Disabled

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 […]

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[BUR/LN – Burford Capital] Part 2: Investment returns and valuation

Posted By scuttleblurb On In [BUR] Burford Capital | Comments Disabled

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 […]

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[BUR/LN – Burford Capital] Part 1: Industry context and competitive advantages

Posted By scuttleblurb On In [BUR] Burford Capital | Comments Disabled

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 […]

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