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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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  "density": "balanced",
  "nDataPoints": 28,
  "notes": "Uses a before-after framing to expose the discrepancy between company claims and actual financial outcomes.",
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      "kind": "metric",
      "text": "Retail Profit: 3%",
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      "text": "(1) 2011a Retail Sales and Distributor Allowances exclude literature, promotional and other. Distributor Allowances percentage is less than 50%, as Herbalife Sales Leaders purchase at less than 50% discounts in certain markets. Source: HLF 10-K. (2) Source: HLF 10-K. (3) Assumes 30% of product is self-consumed. (4) Assumes Actual Retail Price is 35% off SRP; applied to 70% of Retail Sales (@ SRP). (5) Treats Wholesale Commissions as Recruiting Rewards. (6) Assumes $291mm of SG&A are Recruiting Rewards.",
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      "text": "Comparison table of HLF Representation vs Reality",
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      "text": "Summary: Recruiting Rewards are Greater than Retail Profit",
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      "evidence": "Side-by-side comparison of 'HLF Representation' vs 'Reality' to highlight a contradiction.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document builds a logical argument against Herbalife's practices.",
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