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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": "This slide is part of a series exposing Herbalife's business model by contrasting their lack of transparency with their own internal claims.",
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      "kind": "callout",
      "text": "Herbalife believes the majority of its distributors are discount buyers, who become distributors in order to purchase their favorite Herbalife products at a minimum discount of 25 percent.",
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      "kind": "paragraph",
      "text": "Herbalife’s Published Response to David Einhorn’s Questions (Cont’d):",
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      "kind": "paragraph",
      "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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      "kind": "paragraph",
      "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": "“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 Says the Majority of its Distributors Sign Up to Become “Discount Buyers”",
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