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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": "The slide uses a bar chart comparison to expose a potential revenue anomaly in Herbalife's business model.",
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      "kind": "callout",
      "text": "Herbalife charges a 7% Shipping & Handling surcharge above ordinary Shipping & Handling costs",
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      "text": "2011 S&H Revenues as % of Net Sales",
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      "text": "S&H Revenues as % of Net Sales: 14.8%",
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      "text": "(1) Source: Company filings. Avon Shipping and Handling Revenues are included in 'Other Revenue', which 'primarily includes shipping and handling and order processing fees billed to Representatives'.",
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      "text": "Herbalife's Shipping & Handling Revenues Are Surprisingly High...",
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