Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Haven't we been saying these sentiments for the past 4 years?! I share your thoughts, but here we were sitting around waiting for Preska, and actually we've got a much bigger issue in play, because Bur MGMT didn't think to start discussions with the SEC in time regarding valuation of the portfolio! If it isn't one thing, it's another.
The frustration here and comments about incompetency of management surely mostly stem from the fact that this is only just being sorted out now. The US listing was a very long time ago, everyone knew this was coming. Yet here we are with delayed results, questions in the press (again) about accounting practices, and a share price which is abysmal.
I am a huge fan of the business, have total faith in the management and am very optimistic about the future. But holy crap this is a frustrating time to be a shareholder. I've owned since 2014 and not sold one - only added - and I'm STILL underwater! Come on Burford. Pull your finger out and prioritise the share price for once.
I have to say, the investor relations from Burford over the past 6-8 months have been appalling. Mid March, no news, and false press releases coming out from investment platforms. Meanwhile the share price is on the floor. Bogart, it's about time you DID start caring about the share price and your investors.
I'd be very surprised if this is the case. It feels like a mistaken 'mail shot' to me...
1. why no notice of results and earnings call, as per the past 10 years?
2. 'after hours' RNS are usually associated with disaster in my thinking. Isn't pre-opening the norm, or midday for dual listings?
ok, so what's going on? Last years results have been removed off the website, it's the middle of March and we have no news of forthcoming YE accounts, YPF seem about to settle with Maxus on Thurs/Fri and have an investor day on Friday which includes ringing the NYSE bell.
And from Burford - silence.
I would suggest it's either the eve of a huge announcement, or Bogart's old adage of "we're not looking at the share price" is actually true. I recall that they have investor relations people on both sides of the Atlantic. Any ideas what these individuals do all day? Because it ain't investor relations!
Short but sweet mention of Burford and the YPF case on this podcast. https://podcasts.apple.com/gb/podcast/value-investing-with-legends/id1459993408?i=1000600144298
personally, I doubt it. Unfortunately, the truth is often more dull than the fiction. I suspect she is just waylaid by a high caseload, has competing priorities, and the document on this matter is necessarily complicated and takes significant time to pen.
I think it just confirms what already knew. To do this work well you need to be careful, picky and intelligent about which cases you back and how. There is a reason that Burford rejects 97% of all opportunities. Some of it is size and scale, much of it is experience and care. And Burford has a 12 year history of successful returns. To compare Burford to a one-man-band such as Lionfish (referenced in the article) isn't really reasonable. And I think the Burford team would be among the first to push back on the suggestion that "opportunities are drying up".
Let's not tar all litigation funders with the same brush.