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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 table to demonstrate the calculation of the 17% ratio using 2009-2010 data.",
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      "kind": "callout",
      "text": "In 2011, Herbalife stopped disclosing New Sales Leaders",
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      "text": "To determine what % of distributors make Sales Leader: Don't ask: what is the ratio of Sales Leaders to distributors? Ask: what is the ratio of new Sales Leaders to new distributors?",
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      "text": "Only about one-out-of-six distributors makes Sales Leader rather than one-out-of-four",
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      "text": "(1) 2009 Source: Regional Key Metrics (2009); 2010 Source: Herbalife public filings. (2) Source: Regional Key Metrics (2011).",
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