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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a bar chart to show that the eBay price is nearly identical to the retail price, supporting the thesis that these products are commodities.",
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      "kind": "callout",
      "text": "Lean Shake and Formula 1 (750g) sell at almost the identical price on eBay. Further evidence that these products are commodities",
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      "kind": "chart",
      "text": "Comparison of GNC Adj. SRP ($24.99) vs eBay Price ($25.60)",
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      "kind": "metric",
      "text": "price premium: 2%",
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      "kind": "paragraph",
      "text": "Recognizing the possibility that other comparable products might also sell at big discounts on eBay, we obtained price data for the sale of GNC's Lean Shake from 2007 through 2012 (1,062 canisters sold)",
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      "text": "Note: GNC Adj. SRP represents the actual retail price for Lean Shake in 2012 (source: GNC.com, drugstore.com), which excludes shipping and taxes. GNC also offers an additional 20% discount for Gold Card members; to be conservative, we did not factor this into our retail price. eBay price data excludes shipping and taxes. Source: ITG.",
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      "kind": "title",
      "text": "GNC's Lean Shake Sells for a 2% Premium to Adjusted SRP on eBay",
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