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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 contrast-based visual argument to frame Herbalife's lack of traditional advertising as suspicious or contradictory to standard consumer business practices.",
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      "text": "“The Company’s advertising costs are de minimis” – HLF Letter to the SEC, November 2004",
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      "text": "Yet, Herbalife Spends “de minimis” Dollars on Advertising",
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      "text": "(1) Represents Disney and Nike three-year average advertising expense. (2) “The Company’s advertising costs are de minimis... Source: Herbalife Letter to SEC, November 2004.",
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