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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "pageNumber": 186,
  "pageCount": 334,
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  "notes": "The slide uses a quote from the company to set up a contradiction, followed by a highlighted excerpt from company literature.",
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      "text": "Herbalife states that “over 25% of Distributors reach the rank of Supervisor and above,” implying a new distributor has a one-in-four chance of being in one of the table’s earnings brackets (so long as they are “Active”)",
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      "text": "Over 25% of Distributors reach the rank of Supervisor and above (“Leader”), qualifying them for additional compensation which is paid by Herbalife based upon the sales production of those they have sponsored directly and indirectly. The annual gross compensation paid by Herbalife to all Leaders during 2011 averaged $2,900. Over 39% of Supervisors are “Active” (defined as those who generated at least 2,500 points of volume in 2011 after becoming Supervisor). The annual gross compensation paid by Herbalife to Active Leaders during 2011 averaged approximately $7,300.",
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      "text": "Over 25% of Distributors reach the rank of Supervisor and above (“Leader”), qualifying them for additional compensation which is paid by Herbalife based upon the sales production of those they have sponsored directly and indirectly. — Herbalife",
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      "text": "Deception #4: \"Over 25% of Distributors reach Supervisor\"",
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