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Revisiting Burford

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

In what seems like ages ago now Fintwit darling, Burford Capital, was flamboyantly attacked by Muddy Waters. The prominent short seller claimed that Burford “misleadingly boosted its IRR numbers”, rendering ROIC and IRR metrics “meaningless”; misled investors through the “egregiousness of its fair value accounting”; and was “arguably insolvent”, raising outside capital as a matter […]

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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 concluded investments […]

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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 and […]

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