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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a callout box for the final point to emphasize the core contradiction regarding the 70% volume rule.",
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      "kind": "callout",
      "text": "The 70% volume requirement can include sales to one’s downline. By definition, this does nothing to limit Internal Consumption",
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      "text": "Sales Leaders do not receive their paychecks from Herbalife unless they sign a certification demonstrating compliance with these rules",
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      "text": "Not all distributors have to comply with these rules. Only Sales Leaders, those entitled to Royalty Overrides, are required to sign certifications demonstrating compliance (~19% of total distributors)",
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      "text": "(1) Less than half of U.S. Sales Leaders earn royalties, which implies fewer than 10% of Herbalife distributors sign certifications demonstrating compliance with these rules. Source: Herbalife Statement of Average Gross Compensation of U.S. Supervisors (2011).",
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      "text": "These Rules Do Not Limit Internal Consumption",
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