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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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      "text": "At its 2008 Investor Day presentation, Herbalife disclosed that approximately 54% of SG&A was “Distributor Facing” expenses",
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      "text": "(1) “Distributor Facing” expenses were 16% of net sales in 2007, or $343mm, which represents 54% of reported SG&A ($634mm). Source: Herbalife Investor Day presentation (12-16-08)",
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