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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 comparison to suggest Herbalife's S&H costs are anomalously low compared to peers.",
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      "kind": "callout",
      "text": "In addition, Herbalife's products are typically sold at a 50% discount to SRP, whereas many of its competitors sell their products at a 30–40% discount",
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      "text": "S&H Costs as % of Net Sales",
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      "text": "S&H Costs as % of Net Sales: 2.1%",
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      "kind": "source-note",
      "text": "(1) Source: Company filings. Based on 2011 estimates; Herbalife reflects 2010 data, as disclosed in SEC correspondence dated April 21, 2011.",
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      "text": "S&H Costs Typically Account for 6–9% of Net Sales of Consumer Product Companies",
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