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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "Uses a direct quote from an 8-K filing to expose a lack of transparency or operational oversight.",
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      "kind": "callout",
      "text": "Herbalife’s Published Response to David Einhorn’s Questions:",
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      "text": "We don't track this number and do not believe it is relevant to the business or investors.",
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      "text": "Answer: We don’t track this number and do not believe it is relevant to the business or investors.",
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      "text": "Question #1 from David Einhorn: “First, how much of the sales that you’d make in terms of final sales are sold outside the network and how much are consumed within the distributor base?”",
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      "text": "\"First, how much of the sales that you'd make in terms of final sales are sold outside the network and how much are consumed within the distributor base?\" — David Einhorn",
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      "text": "Source: Herbalife 8-K (5-2-12).",
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      "text": "Herbalife Does Not Track How Much of its Product is Resold to Retail Customers",
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