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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 dual-axis combo chart to correlate executive selling behavior with stock performance.",
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      "kind": "callout",
      "text": "Since 2007, Michael Johnson has sold ~$140mm of HLF stock. These sales were discretionary. His shortest dated options were not set to expire until 2013",
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      "text": "Johnson was paid $89.4mm in 2011, making him the highest earning Russell 3000 CEO that year",
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      "text": "Source: GMI 2012 Preliminary Pay Survey. Michael Johnson Form 4 Filings. Excludes dispositions for tax withholding and includes charity dispositions",
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      "kind": "title",
      "text": "Actions Speak Louder Than Words",
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