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  "documentTitle": "GSX Techedu (GSX)",
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      "text": "We see a large disconnect between the high costs and high margins and how they can co-exist with each other. This was our first clue that something might be amiss with the company’s financials.",
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      "text": "Note that costs of revenues are defined relatively similarly amongst competitors... We fail to see how this is either realizable or sustainable... We see a large disconnect between the high costs and high margins.",
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      "text": "After reviewing GSX's service offering it also became clear to us that GSX's model only has minor differences when compared to its competitors... Yet, GSX reports that it charges substantial premiums for its course.",
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      "text": "Source: Company data, Grizzly analysis",
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