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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "pageNumber": 320,
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  "notes": "The slide uses a 'failure' narrative to critique the business model, specifically targeting the high churn rate of distributors.",
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      "text": "Using this data, we estimate that in the 2006-2012 period ~1.1mm Sale Leaders failed and left the business, a ~90% failure rate",
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      "text": "The Company provides detailed Sales Leader statistics between 2004 and 2012; Using this data, we estimate that in the 2006-2012 period ~1.1mm Sale Leaders failed and left the business, a ~90% failure rate",
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      "text": "Since 1980, we estimate that ~1.9mm Sales Leaders (ex-China) have failed in the business opportunity",
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      "text": "Sales Leaders join Herbalife to participate in the business opportunity, not to consume the product",
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      "text": "failure rate: ~90%",
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      "text": "(1) Uses the Company's data to determine how many Sales Leaders \"failed\" between 2006 and 2012... (2) Total Sales Leaders Demoted and Resigned... (3) Failure rate = (Total Failed Sales Leaders Feb. 2006 - Feb. 2012)/(New Sales Leaders Mar. 2004 - Feb. 2011).",
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      "text": "How Many Sales Leaders Have Failed?",
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