Burford Capital (LON:BUR) has today cleared the final hurdle and will be duel-listing on the New York Stock Exchange (NYSE) on the 19 October; maintaining its AIM quote. No new shares will be issued in NY but Financial Institutions (FIs) can elect to trade their shares on the NYSE - this will provide immediate liquidity on the NYSE.

The enormous disparity in the valuation that US investors appear to place on US firms, most notably the FANGs, but also more widely is clear to see. A good example is Palantir (PLTR) floated in NY yesterday. It has c. $1bn revenue and never declared a profit - a strong debut - closed valued at $21bn! Nothing particularly unique as a business, it specialises in the data analysis of large databases and data streams for Governments and private sector firms. It doesn't even own the data it analyses.

UK shareholders will often say "just imagine what XYZ plc would be worth if it was listed in the US?". Well now we get a good opportunity to see the truth of the matter.

Burford Capital (LON:BUR) is cheap on a p/e 5.6, profitable and North America is their largest market c.42% by capital commitments and the US has perhaps more appreciation of litigation as a business tool. So a US listing does seem appropriate. However, the decision to list in the US was more a response to the Muddy Waters short attack and criticism of Burford's corporate governance and fair value accounting. Whilst it's not worth repeating the ins and outs of MW's short case again I think it's fair to say that very many shareholders believed it to a sufficient extent that the share price has struggled to recover. Burford responded to the MW critique in detail, undertook to fix the points that they felt had substance and this brings us to the eve of their dual listing on the NYSE.

So, it's going to be fascinating to see whether a US listing delivers the re-rating that is widely speculated? Will US investors' greater risk appetite be salivating at the high IRR and ROIC that Burford generates?

What we have with BUR is a lottery ticket - it could go bang ...or it could go fut! I cannot judge, but I have bought lots of tickets.

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