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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a simple multiplication framework to derive a total loss figure, while noting that this is a conservative estimate.",
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      "text": "This estimate does not include harm done to the ~10mm¹ former Non-Sales Leader distributors. As such, we think the true financial damage Herbalife has inflicted is materially higher than $3.8bn",
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      "text": "(1) Assumes: 1.9mm failed Sales Leaders 1980-2012 at an 89% Sales Leader failure rate implies 2.2mm Total Sales Leaders. 17% of Distributors become Sales Leaders (previous slide), implies 12.7mm total Distributors 1980-2012. Implies ~10mm Non-Sales Leader Distributors 1980-2012.",
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