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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2012-12-20 00:00:00",
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      "text": "The “wholesale” price paid by distributors for Herbalife products does not allow for meaningful Retail Profits. As a result, a distributor’s only real chance to earn the money promised in Herbalife distributor presentations is by recruiting",
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      "text": "The “wholesale” price paid by distributors for Herbalife products does not allow for meaningful Retail Profits. As a result, a distributor's only real chance to earn the money promised in Herbalife distributor presentations is by recruiting. No distributor can achieve “financial freedom,” “generate perpetual income,” or earn enough to buy a Ferrari by simply retailing",
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      "text": "We estimate that the typical Herbalife distributor earns less than $10 per month in Retail Profit. Even using Herbalife's reported “Retail Sales,” the typical distributor only earns $87 per month. Furthermore, these figures are gross, not net of distributor expenses, which we believe to be material.",
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      "text": "A Distributor's Ability to Earn Retail Profit via Herbalife's Business Opportunity is De Minimis",
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