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	Podcast:		Yet Another Value Podcast
	Episode:		Artem Fokin from Caro-Kann on Burford's bull case
	Category:		Business
	Duration:		01:26:55
	Publish Date:		2021-07-18 17:00:00
	Description:		Artem Fokin, founder of Caro-Kann Capital, discusses the bull case for Burford (BUR). Burford is a litigation finance firm, and Artem makes a compelling case that they are both undervalued on an asset basis and have a moat giving their scale. Caro-Kann's website: http://caro-kann-capital.com/ My thread on Burford prep: https://twitter.com/AndrewRangeley/status/1415795903751983109?s=20 Chapters 0:00 Intro 1:35 Burford Overview 6:00 Does Burford bring something other than money to the table? 13:45 Is Burford's scale a competitive advantage? 19:30 Why can't a major PE or IB launch a Burford competitor? 23:10 Are the returns to litigation financing sustainable? 37:10 How do you value Burford? 42:20 Burford's first component of value: Balance sheet investments 49:05 Buford's second value component: Asset management 54:50 Burford's third value component: YPF case 58:30 How Burford has valued YPF over the years 1:10:25 Why should YPF settle in dollars instead of pesos? 1:14:20 Discussing the bear case around the management team 1:23:45 Closing thoughts
	Total Play:		0