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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a contrast-based narrative to highlight the divergence between two market segments.",
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      "kind": "callout",
      "text": "From 2004-2009, Latino market Volume Points as a % of total Americas Volume Points more than doubled, while the 'Core' U.S. market appeared to stagnate",
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      "kind": "callout",
      "text": "From 2004–2009, Latino market Volume Points as a % of total Americas Volume Points more than doubled, while the ‘Core’ U.S. market appeared to stagnate",
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      "text": "(1) Source: Herbalife Investors Day Presentation December 2009 and Herbalife filings. (2) Source: Herbalife filings. Represents \"Americas\" as defined in Herbalife's FY2004 10-K. (3) Source: Herbalife filings. Represents \"North America\", \"Mexico\" and \"South/ Central America\" as defined in Herbalife's FY2009 10-K.",
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      "kind": "title",
      "text": "Even Within the N. American Market, It's a Story of \"Pop\" Latino Nutrition Clubs vs. \"Drop\" 'Core' N. American Base",
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