Carson C. Block · research-note
TAL Education Group (TAL)
71 pages · 3 arc beats · 3 loops
TAL Education Group (TAL)
Carson C. Block · 2018-06 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 141 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 69 slides 100% 69/69 slides 100% 69/69 slides · 443 hits — 0/69 slides
10.1% 7/69 slides 60.9% 42/69 slides 100% 69/69 slides · 141 hits 100% 69/69 slides · 84 hits Preempt Rebuttal 24 slides 100% 24/24 slides 100% 24/24 slides · 162 hits — 0/24 slides
4.2% 1/24 slides 75% 18/24 slides 100% 24/24 slides · 53 hits 100% 24/24 slides · 37 hits Appendix Data 48 slides 100% 48/48 slides 100% 48/48 slides · 302 hits — 0/48 slides
12.5% 6/48 slides 52.1% 25/48 slides 100% 48/48 slides · 101 hits 100% 48/48 slides Slide inventory
71 every slide · same image gating as the playbook
02
The slide uses a classic short-seller report structure, combining company metadata with key allegations and historical context regarding Chinese frauds.expose_contradiction
Open slide detailLoop · Cost Of Inaction
03
Discusses Sino-Forest, SEC regulatory failures, and TAL Education Group.expose_contradiction
04
The slide uses a 'fraud playbook' narrative, comparing the subject to Enron's asset parking schemes.expose_contradiction
05
Uses Occam's Razor as a rhetorical device to frame the company's likely denial as an improbable explanation for the observed data.preempt_rebuttal
06
The document appears to be a short-seller research report or forensic accounting analysis.front_matter
08
The slide uses a 'fraud-exposure' framework to systematically dismantle a specific corporate transaction.expose_contradiction
09
The slide uses a forensic accounting narrative to challenge the legitimacy of TAL's financial reporting regarding Shunshun.expose_contradiction
10
The slide uses a critical tone to highlight potential accounting failures and suspicious business transactions.expose_contradiction
11
The slide uses a screenshot of a website as evidence of low traffic and poor brand value.name_villain
12
The slide uses footnotes to build a case of financial irregularity regarding the disposal of DFRL.expose_contradiction
13
Includes detailed footnotes referencing specific SEC filings (20-F) and external website evidence.expose_contradiction
14
The slide uses a narrative timeline to expose potential fraud and misrepresentation regarding VIE agreements and investment amounts.expose_contradiction
15
The slide uses a forensic accounting style to highlight discrepancies between SAIC filings and 20-F disclosures.expose_contradiction
16
This is a research note page detailing specific accounting manipulation allegations regarding the Shunshun / DFRL investment.expose_contradiction
17
The slide uses a narrative structure to expose potential financial irregularities or self-dealing.expose_contradiction
18
The slide uses a before-and-after table to illustrate a complex share transfer that the author characterizes as failing the 'laugh test' and 'smell test'.expose_contradiction
19
The slide uses before/after comparisons of shareholder records to imply a hidden relationship or transaction structure.expose_contradiction
20
Uses Occam's razor to argue against the 'coincidence' of multiple improbable events in the transaction history.expose_contradiction
21
The slide includes a screenshot of a fee structure table from a 2015 marketing deck. The text discusses the fund's exit performance and fee incentives.cite_precedent
22
The slide uses a forensic accounting argument, citing SAIC filings and historical patterns of Chinese corporate fraud to build a case for financial manipulationexpose_contradiction
23
The slide serves as a forensic accounting analysis identifying a specific 'Fraud Indicator'.expose_contradiction
24
The slide displays a table of modifications to financial figures, showing 'Before Change' and 'After Change' values.analyze_data
25
The slide details the methodology for verifying financial amendments by comparing SAIC filings against third-party credit reports.analyze_data
26
The text explicitly questions the validity of the accounting records by pointing out the implausibility of missing $19.7 million in cash and corresponding assetexpose_contradiction
27
Includes specific references to footnotes 67 and 68.expose_contradiction
28
Includes a footnote reference (69) and a specific table comparing deferred revenue conversion rates.expose_contradiction
29
The slide uses a quote from an earnings call to highlight a discrepancy in growth projections versus historical reported data.expose_contradiction
30
Includes detailed footnotes regarding accounting practices (ASC 805) and specific CFO commentary.expose_contradiction
31
The slide is a research note exposing potential financial fraud. It uses strong, accusatory language ('abusive', 'fraudulent', 'sham').expose_contradiction
32
The slide uses a narrative structure to build a case of financial manipulation, supported by extensive footnotes referencing SEC filings.expose_contradiction
33
This slide functions as a narrative exposé of corporate malfeasance, specifically highlighting the 'orphaned' status of Shujia and the circular nature of the GZexpose_contradiction
34
The table tracks specific financial movements sourced from TAL's SEC filings (20-F).analyze_data
35
The slide presents a forensic argument regarding asset parking, citing specific financial figures ($12.5M tax liability, $50M gain, $9.4M deferred revenue) and expose_contradiction
36
The slide uses a Q&A transcript format to expose the lack of legal entity transfer in a business transaction.expose_contradiction
37
The slide presents qualitative evidence (interviews) to contradict a narrative of acquisition, suggesting the business remained under the TAL brand.expose_contradiction
38
The slide uses interview transcripts and SAIC filing discrepancies to challenge the narrative of an acquisition.expose_contradiction
39
The slide uses a comparison of two tables to show the reduction of learning centers in Guangzhou, supporting the argument of a 'short leash' control strategy.expose_contradiction
40
The slide uses a specific legal case (2017 粤 01 民终 18443 号) to contradict claims of asset disposal.expose_contradiction
41
Contains legal/financial evidence regarding lease payments and potential related party transactions.expose_contradiction
42
The slide uses a regulatory standard (ASC 850) as a benchmark to expose a failure in the company's reporting.expose_contradiction
43
This is a forensic accounting analysis arguing that a business disposal was a sham transaction.expose_contradiction
44
The slide uses a financial table to support a forensic accounting argument about a specific transaction (GZ 1-1).expose_contradiction
45
The slide uses a quote from the CFO to contrast with the lack of evidence in financial statements, serving as a forensic accounting critique.expose_contradiction
46
The slide uses forensic accounting analysis to challenge the veracity of corporate financial disclosures.expose_contradiction
47
The slide presents two tables of financial data to support a claim of fraudulent asset parking.analyze_data
48
The slide uses a series of logical arguments to challenge the validity of a corporate transaction.expose_contradiction
49
The slide uses investigative research to challenge the legitimacy of a related party transaction.expose_contradiction
50
The slide includes a footnote explaining the historical context of the website and the company's former ticker symbol (XRS).illustrate_case
51
The slide uses a screenshot of a job posting as primary evidence to expose a contradiction regarding corporate independence.expose_contradiction
52
The slide uses a screenshot of a job posting as primary evidence to refute a claim of business disposal.expose_contradiction
53
Includes footnotes 126, 127, 128 explaining the corporate naming history and the source of the job posting.expose_contradiction
54
Includes a company profile for Guangzhou Shujia Educational Technology Co and specific evidence regarding email addresses and domain registrations linking Shujiexpose_contradiction
55
The slide presents evidence of corporate structure and personnel links between TAL and Shujia, specifically highlighting the role of Xiansuo Lin as a potential expose_contradiction
56
This is a text-heavy research note page providing forensic accounting analysis.expose_contradiction
57
The slide uses comparative financial ratios to argue that Shujia's reported deferred revenue is inconsistent with industry norms, implying potential misrepresenexpose_contradiction
58
The slide functions as a forensic accounting analysis, using bullet points to detail suspicious financial patterns and operational discrepancies.expose_contradiction
59
Includes footnotes 145, 146, 147. Uses ASC 805 accounting standards as a basis for the argument.expose_contradiction
60
The slide uses a logical deduction framework to highlight a discrepancy in financial reporting between November and December 2016.expose_contradiction
61
This slide is part of a research note alleging financial manipulation by TAL Education Group.expose_contradiction
62
This is a text-heavy research note page focusing on forensic accounting/fraud allegations.expose_contradiction
63
Contains specific transaction amounts (604,350 RMB, 195,700 RMB, 16.5%) and signatures from July 13, 2015.appendix
64
The slide contains a table showing shareholder capital contributions, with specific emphasis on cash contributions.appendix
65
The slide presents a primary source document (SAIC record) to verify corporate registration and shareholder capital details.appendix
66
The table includes a red arrow pointing to the 2016 total assets figure to emphasize the reconciliation result.analyze_data
67
Includes specific annotations regarding the reconciliation of total liabilities and P&L figures.analyze_data
68
Includes year-over-year percentage growth figures for each metric.appendix
69
Includes FX rates for each year and source attribution.appendix
70
Data presented in millions of RMB; source cited as SAIC financials and credit reports.analyze_data
71
Data presented in USD millions; includes source and FX rate notes at the bottom.analyze_data