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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": "The quote highlights the tension between 'recruiting' and 'retailing' in the company's business model.",
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      "text": "We go through phases in new marketplaces where recruiting is the initial phase of our business and then retailing comes in to function at the base of it.",
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      "text": "– Michael Johnson, Herbalife CEO, 8/6/08",
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      "text": "We go through phases in new marketplaces where recruiting is the initial phase of our business and then retailing comes in to function at the base of it. We try to train distributors and we’re taking a much more aggressive stance... China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic ‘pop-and-drop’ in that marketplace. So we’re trying to build in right away a retailing base into that marketplace. I would say initially there is going to be a lot of recruiting, a lot of business opportunity development.",
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      "text": "“We go through phases in new marketplaces where recruiting is the initial phase of our business and then retailing comes in to function at the base of it. We try to train distributors and we’re taking a much more aggressive stance… China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic ‘pop-and-drop’ in that marketplace. So we’re trying to build in right away a retailing base into that marketplace. I would say initially there is going to be a lot of recruiting, a lot of business opportunity development.” — Michael Johnson, Herbalife CEO, 8/6/08",
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      "text": "Source: Herbalife Q2'08 earnings call (8-6-08).",
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