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  "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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  "notes": "This slide is part of an activist presentation critiquing Herbalife's business model.",
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      "text": "Herbalife’s compensation plan incentivizes orders without regard to retail demand",
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      "text": "Senior distributors purchase product to “pay-for-their-paycheck”\nMid-level distributors purchase product to re-qualify and maintain their downline “lineage”\nJunior distributors purchase product to participate and advance in the business opportunity",
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      "kind": "title",
      "text": "Why Do Distributors Buy Herbalife Product?",
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