{
  "docId": "019dd923-622c-750b-8b9b-74abb4a757e7",
  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 290,
  "pageCount": 334,
  "prevPage": 289,
  "nextPage": 291,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a 'ceo-quote-contradiction' pattern to highlight a discrepancy between investor relations messaging and regulatory disclosures.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-74abb4a757e7/290",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7#slide-290",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Note, however, that Herbalife makes no mention of fast food competitors in its SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bccf-2268c5259cb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "list",
      "text": "Despite the operating constraints placed on its Nutrition Clubs, Herbalife says their competition is McDonald's",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16724285-d727-486c-a13f-8d9e3e2e7f38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.6
      },
      "kind": "list",
      "text": "Note, however, that Herbalife makes no mention of fast food competitors in its SEC filings",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2bea760-8443-4fcf-9aac-bf6b90a53ac4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.12,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "\"Our competitors include both direct selling companies such as NuSkin Enterprises, Nature's Sunshine, Alticor/Amway, Melaleuca, Avon Products, Oriflame, Tupperware and Mary Kay, as well as retail establishments such as Weight Watchers, Jenny Craig, General Nutrition Centers, Wal-Mart and retail pharmacies.\" - Herbalife, 2011 10-K",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30ae81ca-f92f-44c5-9a75-da279ab04f3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.12,
        "y": 0.28
      },
      "kind": "quote",
      "text": "\"You're not going to like my answer on competition because strategically we view the competition as fast food...It is the steal a meal a day from fast food. It is not to go after other supplement companies. It's to go after McDonald's, to go after KFC.\" - John DeSimone, CFO, Sept. 7, 2011",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f326788-cc25-4cd5-831d-2d63c56358ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"You're not going to like my answer on competition because strategically we view the competition as fast food...It is the steal a meal a day from fast food. It is not to go after other supplement companies. It's to go after McDonald's, to go after KFC.\" — John DeSimone, CFO, Sept. 7, 2011; \"Our competitors include both direct selling companies such as NuSkin Enterprises, Nature's Sunshine, Alticor/Amway, Melaleuca, Avon Products, Oriflame, Tupperware and Mary Kay, as well as retail establishments such as Weight Watchers, Jenny Craig, General Nutrition Centers, Wal-Mart and retail pharmacies.\" — Herbalife, 2011 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bccf-2736e5f9140c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Herbalife Claims its Competition is Fast Food",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83b9b46b-9fc4-4742-9c11-3e519fc0459d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "aaa9bdd6-5a58-4bc6-90a3-00c92cfdbce1",
      "evidence": "Contrasts a verbal quote from the CFO with a written SEC filing to expose a strategic inconsistency.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}