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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": "The slide highlights a specific mechanism (requalification) that inflates volume points, suggesting a disconnect between reported sales and actual retail activity.",
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      "kind": "callout",
      "text": "From Herbalife's Q4'06 Earnings Transcript:",
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      "text": "What does requalification have to do with Retail Sales?",
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      "kind": "quote",
      "text": "Right. Well, if you remember, January is our requalification month. So we have to take on that 52 million volume points is the requalification volume. So, a lot of our distributors requalified that month, so the orders are unusually high...",
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      "text": "Why Do Mid-level Distributors Buy Product? Answer: Requalification",
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