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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": "Uses the Great Seal of the United States pyramid as a visual metaphor for market saturation.",
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      "kind": "callout",
      "text": "The probability of success declines over time as more and more entrants arrive, but most can't reach the upper levels because the market is saturated",
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      "text": "Statistically, it is highly unlikely that any new Distributor will cross the gap from bottom to top. The precise statistics require knowing the relative turnover rates in the top and bottom segments. HLF provides minimal data on these rates",
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      "text": "Disclaimer: This is only an illustration of a time series of new entrants v. a static upper group – These are not HLF numbers.",
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