{
  "docId": "019dd923-622c-750b-8b9b-70cbe9d85cc7",
  "docSlug": "8f35c45bc493",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-09 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 14,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "This slide is part of a Pershing Square presentation (Bill Ackman's short thesis on Herbalife).",
  "elementsJson": [
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-70cbe9d85cc7/2",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-70cbe9d85cc7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-70cbe9d85cc7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-70cbe9d85cc7#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Herbalife is in the business of selling dreams, not weight-management products.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a67b-bd57d0d9c5aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.68,
        "x": 0.2,
        "y": 0.11
      },
      "kind": "list",
      "text": "Herbalife’s Statement of Average Gross Compensation... Herbalife distributor compensation scheme is substantially more pyramidal than typical multilevel marketing companies.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50d38ee7-d406-429b-8fb4-15153241e19a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.28,
        "x": 0.59,
        "y": 0.06
      },
      "kind": "paragraph",
      "text": "Pershing Square Capital Management, L.P.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b91fc06-3a45-407f-831a-5c29163095ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.78,
        "x": 0.11,
        "y": 0.47
      },
      "kind": "paragraph",
      "text": "Herbalife is in the business of selling dreams, not weight-management products... those who fail at the Herbalife business opportunity are those who can least afford to.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f4c9d92-bead-4ee2-b5e8-43810005c05a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "Founded in 1980, Herbalife claims to be one of the largest consumer product companies in the world... Herbalife lacks a portfolio of household name brands.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaeb43f5-9220-41c5-9484-f7a102c41e88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.11,
        "y": 0.73
      },
      "kind": "title",
      "text": "Herbalife: The Product Company",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e399beea-bf8c-4054-89a9-3c3180b64fdc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 3,
      "from": 2,
      "beatId": "a0affd43-4e07-412f-9761-af94bfc5f9fe",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document introduces Herbalife as a product company and a business opportunity, setting up the problem and complication",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}