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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "Uses a quote-based contradiction framework to undermine the company's marketing claims.",
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      "text": "There is nothing easy about achieving the wealth and lifestyle new distributors are led to believe are possible",
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      "text": "Herbalife is effectively a closed system at the very top. The probability of making it to Millionaire Team, which would allow a new distributor to earn an amount commensurate with Herbalife’s testimonial earnings claims (~$178k), is approximately one in five-thousand",
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      "text": "probability of success: 1 in 5,000",
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      "text": "If I Can Do It. Everything is really easy. If I can do it, you can do it as well. —Mark Hughes",
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      "text": "(1) We analyzed 393 testimonials and earnings claims from editions of Herbalife Today magazines from 1997 – 2004...",
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      "text": "Summary: Everything Is Not Really Easy",
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