{
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  "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",
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  "pageNumber": 110,
  "pageCount": 334,
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a contrast-based argument to undermine the company's stated retail profit claims.",
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      "kind": "callout",
      "text": "Suggested Retail Price is an artificial, inflated number with no relation to the price at which Herbalife's products are actually sold to Retail Customers",
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      "kind": "callout",
      "text": "For the purpose of our analysis, we conservatively assume Herbalife products are sold for a 35% discount to Adjusted SRP",
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      "kind": "list",
      "text": "Independent distributor websites sell Herbalife products for a ~40% discount to Adjusted SRP\neBay data suggest Herbalife's most popular products sell for a 34% to 48% discount to Adjusted SRP",
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      "kind": "list",
      "text": "Because of the Surcharge and other fees, distributors must resell products at a substantial premium to SRP in order to capture Herbalife's promised 25% to 50% Retail Profit",
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      "text": "discount to Adjusted SRP: 35%",
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      "kind": "title",
      "text": "Actual Retail Price Summary",
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