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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "notes": "The chart highlights a discrepancy in operational scale between Herbalife and its peers.",
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      "text": "Herbalife has only three company operated distribution centers of 150k sq. ft or less each",
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      "text": "Disclosed Number of Properties",
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      "text": "Disclosed Number of Properties: 5",
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      "text": "(1) Source: Company filings. For Energizer, Church & Dwight, Ralcorp and Clorox, represents only disclosed production/ manufacturing, distribution and warehouse facilities, which are a subset of total.",
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      "text": "Herbalife Also Has a More Limited Logistics Footprint Than That of Similarly-Sized Consumer Product Companies",
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