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  "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": "The slide uses a 'gotcha' approach by citing the company's own disclosure to minimize the perceived impact of their charitable contributions.",
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      "kind": "callout",
      "text": "From the Herbalife 2011 Annual Report:",
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      "kind": "callout",
      "text": "Yet, Herbalife has Donated Only $1.5mm to the UCLA Research Lab",
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      "text": "total donations: $1.5 million",
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      "kind": "quote",
      "text": "We have also made contributions to the UCLA Lab. We have invested in this lab since 2002 with total donations of approximately $1.5 million which includes donations of lab equipment and software...",
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      "text": "We have also made contributions to the UCLA Lab. We have invested in this lab since 2002 with total donations of approximately $1.5 million which includes donations of lab equipment and software. UCLA agreed that the donations would be used for further research and education in the fields of weight management and botanical dietary supplements. In addition, we have made donations from time to time to UCLA to fund research and educational programs. — Herbalife 2011 Annual Report",
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      "text": "Yet, Herbalife has Donated Only $1.5mm to the UCLA Research Lab",
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