Pershing Square Capital Management · activist-deck
Pershing Square | Activist Presentation Deck | 63 slides
63 pages · 2 arc beats · 2 loops
Pershing Square | Activist Presentation Deck | 63 slides
Pershing Square Capital Management · 2014-03 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
2 coverage by narrative range · generated from this deck JSON
Narrative range 53 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 48 slides 100% 48/48 slides 100% 48/48 slides · 189 hits — 0/48 slides
2.1% 1/48 slides 72.9% 35/48 slides 100% 48/48 slides 27.1% 13/48 slides Cite Precedent 5 slides 100% 5/5 slides 100% 5/5 slides · 17 hits — 0/5 slides
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100% 5/5 slides — 0/5 slides
Slide inventory
63 every slide · same image gating as the playbook
05
This slide appears to be from an activist presentation (likely Pershing Square's Herbalife short thesis) using corporate marketing materials to frame the companestablish_context
06
The slide uses a CEO quote to imply a 'pop-and-drop' business model, which is a common critique in activist short-selling decks.expose_contradiction
07
The slide uses a table to demonstrate the increasing financial contribution of the China segment to the overall business.analyze_data
08
The slide uses quotes to imply a contradiction or a lack of transparency regarding business practices in China.expose_contradiction
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09
The slide uses a yellow callout box to highlight a specific, pointed question regarding corporate secrecy.expose_contradiction
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10
The slide uses a yellow background to highlight the regulatory constraints.preempt_rebuttal
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11
The slide serves as a methodology disclosure for the subsequent claims regarding Herbalife's operations in China.illustrate_case
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12
The slide uses a yellow background to highlight the core accusation of regulatory non-compliance and accounting misrepresentation.expose_contradiction
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14
The slide explicitly notes a discrepancy between internal terminology and public 10K filings.decompose_segments
16
The slide uses a yellow callout box to emphasize the lack of financial benefit for the 'Preferred Customer' tier.expose_contradiction
17
The slide uses a yellow callout for the lead-in and a green box for the core requirements, followed by a critical source note that frames the business model as expose_contradiction
18
The slide highlights the tiered compensation structure and notes that participants refer to these credits as 'salary', implying an employment-like relationship.analyze_data
19
The slide highlights the structural incentive for recruiting inherent in the compensation plan.expose_contradiction
20
The slide uses a yellow-green color scheme to highlight the recruitment-based nature of the business model.expose_contradiction
21
The slide features a photograph of a handwritten document showing a hierarchical structure and associated business requirements.analyze_data
22
The slide uses a comparison between distributor inventory requirements and national GDP per capita to imply predatory or unrealistic business practices.expose_contradiction
23
The slide uses a green callout box to highlight the specific components of the compensation structure.expose_contradiction
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24
The slide uses a process-like list to expose the mechanics of a potentially fraudulent accounting practice.expose_contradiction
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25
The slide uses a green callout box to frame the mechanism and the subsequent critique of the mechanism.expose_contradiction
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26
The slide uses direct quotes to expose the business model as recruitment-focused rather than retail-focused.expose_contradiction
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27
The slide uses a direct quote to expose the mechanics of a multi-level marketing structure while highlighting the distributor's own awareness of the 'pyramid' lexpose_contradiction
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28
The slide uses direct quotes to contradict the official framing of the income source.expose_contradiction
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29
The slide uses a yellow callout box to create a curiosity gap regarding a 'familiar shape'.transition
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30
The slide uses a photograph of a handwritten diagram to demonstrate the pyramid-like recruitment model.illustrate_case
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31
The slide uses a hand-drawn sketch to explain the recruitment hierarchy, likely to expose the structure of a pyramid scheme or MLM.illustrate_case
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32
The slide uses a hand-drawn sketch to explain the recruitment structure of distributors, likely to imply a pyramid or multi-level marketing scheme.illustrate_case
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33
The slide contains a hand-drawn sketch of a hub-and-spoke model with the Chinese character for 'you' in the center and the number 200 written next to a bracket.illustrate_case
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34
The diagram shows a hierarchical tree structure (likely representing a downline) with the Chinese character '我' (meaning 'I' or 'me') at the top.illustrate_case
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35
The slide features hand-drawn sketches of network structures, likely from field research.illustrate_case
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37
Uses a simple flow diagram to link a company practice to legal violations.expose_contradiction
38
Uses a simple causal flow diagram to link company practice to legal violation.expose_contradiction
39
Uses a simple process flow to show a violation of law.expose_contradiction
40
Uses a causal arrow to link business practices to legal definitions.expose_contradiction
42
The slide uses a table from the 2013 10K to demonstrate that China's contribution margin is artificially inflated compared to other segments.expose_contradiction
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43
The slide uses a red arrow and a dashed red box to highlight the discrepancy between reported and pro forma margins.expose_contradiction
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44
The slide uses an internal document to validate specific financial assumptions, likely to challenge public claims.expose_contradiction
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45
The slide uses a red arrow to visually link the internal spreadsheet row to the public 10-K text, highlighting the discrepancy/confirmation.expose_contradiction
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46
The slide uses a red box to highlight the 'China Royalties' row and the specific value 79,082 in the 2010 column.expose_contradiction
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47
The slide uses a red box to highlight the specific rows (54-58) containing the percentage multipliers used for the calculation.expose_contradiction
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48
The slide uses a red arrow to draw attention to a footnote that excludes China from the data, suggesting a potential inconsistency in reporting.expose_contradiction
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49
The slide uses a red arrow to link a table of percentages to a visual breakdown of distributor payouts.expose_contradiction
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50
The slide highlights a discrepancy between public/stated claims and internal operational reality.expose_contradiction
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51
The slide uses a yellow background callout box to emphasize the core argument.expose_contradiction
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52
Contains three hand-drawn organizational charts illustrating deep multi-level marketing structures.expose_contradiction
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53
The slide uses a green callout box to present company-reported data, followed by a source note that includes a critical quote from China People's Daily.expose_contradiction
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54
The slide uses a yellow background to highlight the core accusation of regulatory non-compliance and accounting obfuscation.expose_contradiction
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55
This is a classic activist short-seller slide designed to frame a company's business model as illegal and its financial disclosures as fraudulent.expose_contradiction
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58
The slide cites specific legal articles to establish the regulatory framework for direct selling in China.cite_precedent
60
The slide provides a direct legal definition to establish the regulatory framework for pyramid schemes in China.cite_precedent
Open slide detailBeat · Cite Precedent
61
The slide provides a legal basis for identifying and penalizing pyramid selling activities in China.cite_precedent
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63
The slide highlights the specific thresholds of 30 participants and 3 levels of recruitment for criminal liability.cite_precedent
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