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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "notes": "Uses FTC source material to undermine the subject company's business model defense.",
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      "text": "FTC FACTS for Consumers",
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      "text": "Though Herbalife believes the amount of Internal Consumption \"is not relevant to the business or investors,\" the FTC highlights it as a red flag for a pyramid scheme",
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      "kind": "list",
      "text": "Do distributors sell more product to other distributors than they do to the public? Does the amount of money distributors make depend more on recruiting? Does the money made depend mostly on selling to other distributors?",
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      "text": "In 2009, the FTC published “The Bottom Line About MLM Plans and Pyramid Schemes” on its website. Though Herbalife believes the amount of Internal Consumption “is not relevant to the business or investors,” the FTC highlights it as a red flag for a pyramid scheme",
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      "text": "Yes, it’s a pyramid scheme! — FTC Consumer Guidance",
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