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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": "The slide uses a quote to frame the company's defense against potential pyramid scheme allegations.",
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      "kind": "callout",
      "text": "Though Herbalife admits Internal Consumption is substantial for any MLM, it notes that it has put in place rules to limit it",
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      "text": "Herbalife's Published Response to David Einhorn's Questions (Cont'd):",
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      "text": "\"The percentage of product of any multi-level marketing company consumed by its distributors is substantial. This is not surprising since consumers who are enthusiastic about the products become distributors in order to purchase at a discount and possibly to share and sell the products to others. In addition, in order to minimize the risk of product being accumulated by distributors, the company has policies in place such as the 70% Rule, the Ten Customer Rule and the Buy Back policy.\"",
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      "text": "“The percentage of product of any multi-level marketing company consumed by its distributors is substantial. This is not surprising since consumers who are enthusiastic about the products become distributors in order to purchase at a discount and possibly to share and sell the products to others. In addition, in order to minimize the risk of product being accumulated by distributors, the company has policies in place such as the 70% Rule, the Ten Customer Rule and the Buy Back policy.” — Herbalife 8-K (5-2-12)",
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      "text": "Herbalife Admits that Internal Consumption is \"Substantial\"",
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