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  "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": "Uses a 54% distributor-facing expense ratio and a 50% recruiting reward ratio to arrive at $291mm.",
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      "kind": "callout",
      "text": "Using the Company's 2008 statement that half of “Distributor Facing” expenses are vacation packages, one-time cash bonuses, Herbalife pins and watches, and other similar promotions that can only be gained via recruiting, $291mm of Herbalife’s SG&A in 2011 were Recruiting Rewards",
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      "kind": "callout",
      "text": "Using the Company’s 2008 statement that half of “Distributor Facing” expenses are vacation packages, one-time cash bonuses, Herbalife pins and watches, and other similar promotions that can only be gained via recruiting, $291mm of Herbalife’s SG&A in 2011 were Recruiting Rewards",
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      "text": "Recruiting Rewards in SG&A: $291mm",
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      "text": "(1) Assumes 54% of SG&A is Distributor Facing expenses (per Herbalife's Investor Day presentation on 12-16-08). (2) Pershing Square assumption.",
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      "text": "Recruiting Rewards in SG&A ($mms) 2011a SG&A $1,075 % Distributor Facing expenses (1) 54% Distributor Facing expenses $582 % of Distributor Facing expenses that are Recruiting Rewards (2) 50% Recruiting Rewards in SG&A $291",
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      "text": "Quantifying Recruiting Rewards in SG&A",
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