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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 before-after comparison to expose accounting manipulation.",
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      "kind": "callout",
      "text": "Wholesale Commissions “disappear” in the Distributor Allowances line item. This has the effect of reducing the perceived amount of commissions paid and increases the amount of so-called “Retail Profit”",
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      "text": "Wholesale Commissions \"disappear\" in the Distributor Allowances line item. This has the effect of reducing the perceived amount of commissions paid and increases the amount of so-called \"Retail Profit\"",
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      "text": "Corrected Herbalife P&L: Retail Sales $100, Wholesale Commissions (25), Distributor Allowances (25), Product Sales $50",
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      "text": "Herbalife's Accounting is Misleading: Wholesale Commissions ≠ Retail Profit",
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