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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 specific case study to challenge the company's narrative regarding distributor costs.",
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      "text": "The itemized list of Business Support Materials below comes from the blog of a former (non- Sales Leader) Herbalife distributor showing nearly $2,000 of expenses in only three months, excluding Herbalife product purchases. The company seldom acknowledges these costs exist",
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      "text": "$1,723 Total non-product expenses",
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      "text": "Distributors Face a Long List of Expenses",
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