Herbalife, Ltd. (HLF)

William Ackman · 2016-07
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON

Slide inventory

48
every slide · same image gating as the playbook
01
Slide 1
front_matter
03
front_matter
04
This slide serves as a historical record of the activist short campaign against Herbalife.summarize
Open slide detailBeat · Problem & Complication
05
The slide uses checkmarks to reinforce the validity of previous claims, likely as a setup to contrast with current findings or to establish credibility.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
06
This slide is from the famous Pershing Square presentation on Herbalife.frame_problem
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
07
The slide uses a callout box to emphasize the 'pyramid scheme' conclusion.preempt_rebuttal
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
08
The slide uses a callout box to emphasize the thesis statement.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
09
This slide is from a presentation by Pershing Square Capital Management (PSCM) regarding their short position in Herbalife.illustrate_case
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
10
Uses callouts to highlight specific quotes from the CEO that the author intends to contradict.expose_contradiction
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
11
The slide uses a callout box to emphasize a specific sentence from the press release.cite_precedent
Open slide detailBeat · Evidence & Proof
12
filler
Open slide detailBeat · Evidence & Proof
13
transition
Open slide detailBeat · Evidence & Proof
14
The slide functions as a legal argument slide, using quotes from an FTC complaint to dismantle the 'retail-based' defense.preempt_rebuttal
Open slide detailBeat · Evidence & ProofLoop · Aha Moment
15
Uses legal citations to support the thesis that the business model is driven by internal qualification rather than external retail sales.expose_contradiction
Open slide detailBeat · Evidence & ProofLoop · Aha Moment
16
The slide uses direct quotes from an FTC complaint to build a case against the company's business model.expose_contradiction
Open slide detailBeat · Evidence & ProofLoop · Aha Moment
17
The slide uses direct quotes from a legal complaint (FTC v. Herbalife) to build its argument.expose_contradiction
Open slide detailBeat · Evidence & Proof
18
The slide uses direct quotes from an FTC legal complaint to build a case against the company's business practices.expose_contradiction
Open slide detailBeat · Evidence & Proof
19
The slide uses a series of quotes from a legal complaint (FTC v. Herbalife) to build a case against the company's business practices.expose_contradiction
Open slide detailBeat · Evidence & Proof
20
The slide uses direct quotes from an FTC legal complaint to establish a precedent of deceptive business practices.cite_precedent
Open slide detailBeat · Evidence & Proof
21
The slide uses a direct quote from an FTC statement to establish a legal/regulatory baseline.establish_context
22
The slide uses a comparison frame to establish a legal precedent by equating the Herbalife case to the Vemma case.expose_contradiction
23
This slide is part of a presentation likely by Bill Ackman/Pershing Square regarding their short position on Herbalife.expose_contradiction
24
transition
25
The slide uses authority citations to frame the severity of the regulatory action.summarize
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
26
The slide uses a before-after structure to explain a regulatory change in compensation policy.present_framework
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
27
The slide uses a direct quote from an FTC legal filing to frame a problem statement.cite_precedent
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
28
The slide uses a contrast-pairs approach to expose the company's shifting narrative regarding data collection requirements.expose_contradiction
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
29
This slide appears to be from a legal or regulatory presentation regarding the FTC vs. Herbalife case.propose_solution
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
30
The slide uses a before-after framing to contrast previous practices with new regulatory requirements.present_solution
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
31
The slide uses a 'Before/After' structure to illustrate the impact of legal compliance on marketing language.present_framework
Open slide detailBeat · Impact & Next Steps
32
The slide uses screenshots of social media posts to provide evidence of non-compliance.expose_contradiction
Open slide detailBeat · Impact & Next Steps
33
The slide uses screenshots of Instagram/Facebook posts to illustrate the contradiction between company policy and distributor behavior.expose_contradiction
Open slide detailBeat · Impact & Next Steps
34
The slide uses screenshots of Instagram posts to argue that the distributor is flaunting wealth, which is presented as a violation of the FTC agreement.expose_contradiction
Open slide detailBeat · Impact & Next Steps
35
preempt_rebuttal
Open slide detailBeat · Impact & Next Steps
36
The slide uses a legal excerpt to frame a rhetorical question about distributor retention.expose_contradiction
Open slide detailBeat · Impact & Next Steps
37
transition
Open slide detailBeat · Impact & Next Steps
38
This slide serves as a direct accusation of deceptive practices.expose_contradiction
Open slide detailBeat · Impact & Next Steps
39
The slide uses a screenshot of a Facebook post as evidence of the 'spin' being promoted by distributors.expose_contradiction
Open slide detailBeat · Impact & Next Steps
40
Image file not present at /tmp/legacy-images/118452fbd911/slides/040.jpg; unable to inspect.
Open slide detailBeat · Impact & Next Steps
41
Uses a 'point-counterpoint' structure to highlight contradictions between corporate spin and legal reality.expose_contradiction
Open slide detailBeat · Impact & Next Steps
42
The slide uses a 'claim-response' structure to systematically dismantle arguments made by the company.expose_contradiction
Open slide detailBeat · Impact & Next Steps
43
The slide uses a bearish scenario analysis to counter the '22% of sales' argument by showing the disproportionate impact on earnings.quantify_opportunity
Open slide detailBeat · Impact & Next Steps
44
The slide uses a bridge-style table to adjust GAAP EPS down to a 'Pro Forma EPS' by subtracting items management adds back, and further adjusting for U.S. businshow_valuation_bridge
Open slide detailBeat · Impact & Next Steps
45
transition
Open slide detailBeat · Impact & Next Steps
46
state_next_steps
Open slide detailBeat · Impact & Next Steps
47
Image file not present at /tmp/legacy-images/118452fbd911/slides/047.jpg; unable to inspect.
Open slide detailBeat · Impact & Next Steps
48
Includes a direct quote from an FTC official to bolster the argument.summarize
Open slide detailBeat · Impact & Next Steps