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Burford: Horrible Second Half Results Validate our Thesis (BUR LN) - Muddy Waters Research
Burford’s abysmal second-half performance speaks to the company’s exaggerated marks, which are married to a flawed business model. Second half net realized gains were paltry, despite Burford seemingly having strong incentive to prove that it can monetize the investments on its ever-expanding balance sheet. Petersen accounted for approximately two-thirds of 2019 net realized gains. In …