Specialty finance – scuttleblurb

[FOUR] Shift4

A tour through payments: part 3 (SQ, FOUR)

February 2, 2023

Block (SQ) I once argued how by taking the problem of merchant payments acceptance seriously, [...]

[ADYEN] Adyen N.V. [FIS] Fidelity National Information [FISV] Fiserv [GPN] Global Payments

A tour through payments: part 2 (Adyen, GPN, FIS, FISV)

January 16, 2023

Hi everyone, scuttleblurb is now on Substack (link). You don’t need to do anything. scuttleblurb [...]

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[MA] Mastercard [V] Visa

A tour through payments: part 1 (Visa and Mastercard)

December 22, 2022

This is my last post of the year. Before getting into it, here are some [...]

[SITE] SiteOne

[SITE] SiteOne Landscape Supply

November 28, 2022

SiteOne sources 135k landscaping SKUs from 5k suppliers and distributes to 280k customers, most of [...]

[VRSK] Verisk Analytics

November 28, 2022

One job of an insurance commissioner is to ensure that carriers under their jurisdiction have [...]

[BUR] Burford Capital

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

Posted on July 24, 2019January 12, 2023 by scuttleblurb

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] Burford Capital

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

Posted on July 17, 2019January 12, 2023 by scuttleblurb

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 […]