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  "documentTitle": "GSX Techedu (GSX)",
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  "authorName": "Carson Block",
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  "presentationDate": "2020-05-18 00:00:00",
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      "text": "We are highly confident that at least 73.2% of the 54,065 users in the analyzed classes are bots.",
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      "text": "Based on the near total faking of users, we assume that the fraudulent portion of GSX’s revenue is at least equal to the percentage of fraudulent users... We conclude that GSX is a massive loss-making business... Chairman Chen has pledged at least $318 million of stock.",
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      "text": "bot ratio: 73.2%",
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      "text": "We analyzed 463,217 sign-on records for 54,065 Genshuixue and Gaotu users across more than 200 paid K-12 classes in the first half of 2020. We identified three bot patterns that we are highly confident accounted for 73.2% of the unique users in our study.",
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      "text": "We are highly confident that at least 73.2% of the 54,065 users in the analyzed classes are bots. We identified these bots through patterns we call “Precise Joiners”, “GSX IP Joiners”, and “Burst Joiners”.",
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      "text": "I think if Muddy Waters analyzes our data seriously, there is a high probability that I think Muddy Waters will not be so stupid. The level and IQ of the people in Muddy Waters is quite high.",
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      "text": "“I think if Muddy Waters analyzes our data seriously, there is a high probability that I think Muddy Waters will not be so stupid. The level and IQ of the people in Muddy Waters is quite high.” — Chairman Chen",
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      "text": "https://finance.sina.cn/stock/relnews/us/2020-04-10/detail-iircuyvh6962383.d.html?from=wap, “我觉得浑水他是认真的分析我们的数据的，大概率我觉得浑水不会那么愚蠢，浑水那帮人的水平和智商还是蛮高的。”",
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      "text": "Bot Hunting and Identification",
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