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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a visual arrow to emphasize the downward trend starting from 2008.",
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      "kind": "callout",
      "text": "Herbalife has made this statement in each of its U.S. distributor earnings disclosures since 2003, even though Sales Leaders as a % of total distributors has been lower than 25% since 2009",
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      "text": "% of Total Distributors that are Sales Leaders",
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      "text": "Sales Leaders as % of total distributors: 20.3%",
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      "text": "(1) Represents % of total distributors that are Sales Leaders for the entire company. Herbalife does not break out total distributors by region. Source: Herbalife public filings, Herbalife's Regional Key Metrics supplemental disclosure, and Herbalife Q1'09 Investor Presentation.",
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      "text": "“Over 25% of Distributors reach Supervisor” (cont’d)",
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