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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "Pershing Square believes Herbalife is a pyramid scheme because, among other reasons, distributors earn more than 10 times as much from recruitment as they do by selling the company’s overpriced products to bona fide retail customers.",
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      "text": "This is an Executive Summary of the short thesis on Herbalife, Ltd. (NYSE: HLF) presented by Pershing Square Capital Management, L.P. on December 20, 2012.",
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      "text": "Herbalife overstates the amount of income that is likely to be made by new participants and masks the low probability that this income will be achieved;",
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      "text": "Introduction to Herbalife: Herbalife says it is both a product company and a ‘business opportunity’ company.",
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      "text": "Overview: Pershing Square believes Herbalife is a pyramid scheme because, among other reasons, distributors earn more than 10 times as much from recruitment as they do by selling the company’s overpriced products.",
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      "text": "“must end up disappointing those at the bottom who can find no recruits,” — In re Koscot Interplanetary, Inc., 86 F.T.C. 1106, 1181 (1975), aff’d mem. sub nom., Turner v. F.T.C., 580 F.2d 701 (D.C. Cir. 1978).",
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