{
  "docId": "019dd923-622c-750b-8b9b-74abb4a757e7",
  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 107,
  "pageCount": 334,
  "prevPage": 106,
  "nextPage": 108,
  "slideType": "comparison_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a third-party data source (ITG) to validate the claim of price erosion on secondary markets.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-74abb4a757e7/107",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7#slide-107",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.1,
        "x": 0.83,
        "y": 0.044
      },
      "kind": "callout",
      "text": "38% Discount",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50acd20d-5e2d-4e74-8b0a-78a5111663c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.1,
        "x": 0.37,
        "y": 0.044
      },
      "kind": "callout",
      "text": "32% Discount",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4ead60c-9184-4900-b154-2b71e07c6316",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Formula 1 Sells for a 34% Discount to Adjusted SRP on eBay",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bcc2-6672f8329c0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Comparison of Adj. SRP vs eBay Price for 750g and 550g canisters",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c581c100-7cbc-47e3-affa-9eb423ea23c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "discount to SRP: 34%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bcc2-6ab9fc8cf168",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We hired a third-party research company to analyze every available Formula 1 transaction on eBay from 2007 through 2012. In total, we obtained price data for 39,396 canisters of 750g and 550g Formula 1",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c6a9214-d3fa-4c5e-8952-ad4fdc416f37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Note: Herbalife Adj. SRP represents the weighted average SRP for Formula 1 from 2007 through 2012... Source: ITG.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b3a89af-048b-4139-a573-4976480db4f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Formula 1 Sells for a 34% Discount to Adjusted SRP on eBay",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "745e899c-9b21-4d20-b68c-8419ca7f6a42",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "a17a251b-688a-45b5-8793-e21de9725bac",
      "evidence": "Direct comparison of two price points across two product variants",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 6,
      "beatId": "5f7d58b7-65aa-4344-b7b3-2f8a867ee10c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document extensively uses this beat to highlight contradictions in Herbalife's statements and practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 150,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "1adf2f4c-7781-447d-8ff2-151cfcce11be",
      "evidence": "The document builds a logical argument against Herbalife's practices.",
      "position": 0,
      "objective": "To demonstrate that Herbalife's business model is flawed",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}