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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a 'villain' framing by highlighting unauthorized discounting by distributors, which contradicts the company's official pricing model.",
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      "kind": "callout",
      "text": "As non-distributors, we were able to go online and purchase the products being distributed today for a ~40% discount to Adj. SRP",
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      "kind": "chart",
      "text": "Comparison of Adj. SRP vs Distributor Website pricing for Formula 1, Herbal Tea, and Herbal Aloe Concentrate.",
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      "text": "price discount: 40%",
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      "text": "(1) Based on pricing during Nov-12 and Dec-12. Source: herbalforyes.com, lifemanavip.com, herbalwell.com, goherbalife.com/barbarawilson, freshestherbal.com, herbaloft.com, and herbalhappy.com. Only one site charged shipping and handling.",
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      "kind": "title",
      "text": "Herbalife Products Sell for ~40% Discounts to Adjusted SRP on Independent Distributor Websites",
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