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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": "Uses a 'Reality vs Representation' framework to expose the discrepancy in distributor earnings.",
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      "kind": "callout",
      "text": "Using reasonable assumptions, the typical Herbalife distributor only earns $5 per month in Retail Profit (before taxes / expenses)",
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      "text": "Avg Retail Profit per Distributor: $5",
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      "text": "(1) Distributor Allowances excluding literature, promotional and other. Source: Herbalife 10-K (2011). (2) Source: Herbalife public filings. (3) Assumes 30% of product is self-consumed. (4) Assumes Actual Retail Price is 35% off SRP; applied to 70% of Retail Sales. (5) Treats Wholesale Commissions as Recruiting Profit.",
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      "text": "Summary: Herbalife Distributors Earn Almost No Retail Profit",
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