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  "documentTitle": "New Oriental Education & Technology Group (EDU)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-07-18 00:00:00",
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      "text": "I. New Oriental is a Franchisor\nII. Sharpen the Pencils, Cook the Books, No More Investors' Dirty Looks\nIII. New Oriental Almost Certainly Consolidates its Franchises' Results as its Own\nIV. Ghosts in the Machine: Internet Anomalies\nV. EDU's Audit: You Don't Get What You Don't Pay For.\nVI. Hood Rich Mike\nVII. The Great Leap Backward: China's Ministry of State [In]Security, EDU's Dividend, and EDU's VIE.\nVIII. EDU's VIE: All Hat and No Cattle\nIX. EDU and its Public Comps: Too Good to be True\nX. Conclusion",
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      "text": "EDU's current franchising focus is on POP Kids stores. Parents of young children are the least price-sensitive market segment, and thus EDU's brand is the most valuable in this segment.",
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