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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "Uses a specific case study (Anthony Powell) to illustrate a systemic issue in multi-level marketing compensation structures.",
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      "text": "If purchases were truly driven by retail demand, Powell's Personal Volume and his Organization Volume should be independent of one another",
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      "text": "Powell only \"pays-for-his-Production Bonus\" when his Organization Volume is large enough to justify the cost",
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      "text": "If purchases were truly driven by retail demand, Powell’s Personal Volume and his Organization Volume should be independent of one another",
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      "text": "Production Bonus: $1,400",
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      "text": "Source: Affidavit of William Partin (McDowell v. Herbalife, No. 00-2011 (W.D. Wash.)). (1) Herbalife's Surcharge was 6% in 1998. (2) Technically, distributors earn Production Bonus off more than just Organization Volume...",
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      "text": "Why Herbalife Distributors \"Pay-for-your-Paycheck\" The (not so) Curious Case of Anthony Powell (Cont'd)",
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