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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 visual bridge to imply that S&H profit is the primary driver of operating income, suggesting the core business is less profitable than reported.",
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      "text": "As Such, Herbalife’s Shipping & Handling Profit Accounts For $339mm of Its Total Operating Income",
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      "text": "(1) Source: Herbalife filings and SEC response letter dated April 21, 2011.",
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