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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "This slide uses a cost-benefit framing to highlight the financial harm to distributors.",
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      "kind": "callout",
      "text": "We estimate that the average failed Sales Leader has $2,000 of expenses, net of minimal retail and/or recruiting profit",
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      "text": "average loss per failed distributor: $2,000",
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      "kind": "paragraph",
      "text": "The typical failed Sales Leader makes nearly no retail profit after product expenses, surcharges, and price discounts. According to HLF's own income disclosure, the median recruiting revenue for Sales Leaders is zero¹",
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      "text": "(1) Herbalife Statement of Gross Compensation 2011. Our analysis includes active and inactive Sales Leaders",
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      "text": "Summary Cost Analysis table showing various expense categories and their associated dollar amounts.",
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      "kind": "title",
      "text": "How Much Money do Failed Distributors Lose?",
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