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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a flow diagram to show money moving from a retail customer through various distributor levels, challenging the company's accounting classification.",
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      "text": "We believe that all of Herbalife’s payments to distributors are Recruiting Rewards, regardless of what they are called by Herbalife, and should be accounted for as commissions in HLF’s operating expenses",
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      "kind": "title",
      "text": "Wholesale Commissions ≠ Retail Profit (cont'd)",
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