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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": "The slide uses a quote from an FTC economist to frame the subsequent data comparison.",
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      "text": "Comparison of income sources between HLF and actual firm",
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      "text": "Income from Recruiting Rewards: 92%",
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      "kind": "quote",
      "text": "[T]he organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers",
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      "kind": "quote",
      "text": "\"[T]he organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers\" — Dr. Peter J. Vander Nat, Senior Economist at the FTC",
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      "kind": "source-note",
      "text": "(1) Vander Nat, Peter J and Keep, William W.: (2002). Marketing Fraud: An approach for differentiating Multi-level Marketing from Pyramid schemes. Journal of Public Policy and Marketing. Vol 21-1, 139-151.",
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