Muddy Waters Research | Due diligence-based equity research on Chinese companies

Block on Bloomberg Markets Discussing Latest Short, Burford Capital

Block on Bloomberg discussing MW's latest short, Burford Capital. Watch the full interview here… more

Doing the Work
Wall Street Won’t

Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements.

Burford Capital Ltd.

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

Burford Capital Ltd.

Behavioral Analysis of Burford’s Response Indicates Significant Deception (BUR LN)

Muddy Waters Capital LLC remains short Burford Capital Ltd. Third party behavioral analysis strongly indicates that Burford’s management was deceptive in their written and verbal responses to our initial report. Muddy Waters engaged Qverity to analyze management’s statements in the August 8, 2019… more

Burford Capital Ltd.

Burford’s Response is Nothing More Than Distraction and Thin Excuses (BUR LN)

Leave it to former trial lawyers to talk so much, and yet say so little. BUR’s written response and numbing two-hour call did nothing to dispel our view that BUR a) aggressively marks its cases up to generate non-cash profits, b) manipulates its (non-IFRS) ROIC and IRR metrics in order to justify i… more

Burford Capital Ltd.

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

ANTA Sports Products Ltd.

ANTA Part V: “Controlled Major Supplier and Another Fila Lie”

So far, we have focused on ANTA’s operating margin outperformance, presenting evidence that ANTA secretly controls its distributors and shifts costs to them. However, in this part, we focus on ANTA’s seemingly largest purported “third party” supplier, which is also a secretly controlled counterparty… more

ANTA Sports Products Ltd.

ANTA Part IV: “Liars Lie” (2020.HK)

We resume our campaign to expose ANTA’s fraud, and have several more pieces planned that will expose other inconsistencies and lies. In this piece though, we first take stock of the lies in ANTA’s responses to our pieces last week. Muddy Waters has been exposing frauds for nine years, and never on… more

ANTA Sports Products Ltd.

ANTA Part III: FilaBuster (2020.HK)

Fila. Su Weiqing (苏伟卿). By the time Chairman Ding has gotten this far in this report, he will undoubtedly be quite agitated. By the end of this report, investors maintaining faith in ANTA should be too. In Part 1 of our reports on ANTA (July 8, 2019), we discussed Su Weiqing at length. We show… more

ANTA Sports Products Ltd.

ANTA Part II: “Mens Rea” (2020.HK)

“Mens rea” is Latin for “guilty mind”, and is a foundational legal concept in many jurisdictions. Simply put, it’s the intention to commit a crime. Often, when a PRC-based company is accused of fraud, management and their supporters try to brush the accused conduct aside as innocently following loca… more