Burford: It Just Doesn’t Get Better (BUR LN)

Burford’s presentation on fair value accounting fails to address the key issues. This is typical Burford speak – to write so much, and yet say so little. The little substance there is supports our thesis about Burford’s valuation abuse. At the end of the day, as we have repeatedly stated, Burford… more

Burford: Was MW Wrong About Napo? (BUR LN)

No. Don’t be silly. We stated that beginning with BUR’s 2013 Annual Report, BUR egregiously manipulated its ROIC and IRR on a $7.4 million investment by categorizing Napo as a win with a significant return when it should have been a loss. BUR responded “The claim is simply false”. BUR then elabor… more

MW is Short Burford Capital Ltd. (BUR LN)

We are short BUR.  For years, it was the ultimate “trust me” stock.  Thanks to a light disclosure regime, the esoteric nature of its business, and unethical behavior by its largest shareholder, Invesco, it turned Enron-esque mark-to-model accounting into the biggest stock promotion on the AIM.  This… more