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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 testimonial to contrast with the statistical data provided.",
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      "text": "Fewer than 1 in 1000 achieve these results",
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      "text": "Average Earnings/Year: $178,000",
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      "text": "Gross earnings – limited mention of COGS and other business costs.\nOne person said: “We sold everything–even our children’s toys–just to pay for gasoline and the expenses of moving to California,” after hearing people were having success with Herbalife.",
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      "text": "Data compiled from Herbalife Today magazines (published by HLF)\nFrom 1997-2004, 392 testimonials and earnings claims:\nAverage Earnings/Year: ~$178,000\nMedian Income/Year: ~$120,000\nThese represent approximately the top 1/10th of 1% of Distributors\nFewer than 1 in 1000 achieve these results",
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      "text": "We sold everything—even our children’s toys—just to pay for gasoline and the expenses of moving to California, after hearing people were having success with Herbalife. — Anonymous distributor testimonial",
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      "text": "Source: Herbalife Today for 1997-2004 (as many editions as could be found through online research); Herbalife filings and Statement of Average Gross Compensation of U.S. Supervisors.",
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      "text": "Exaggerated Earnings Claims",
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