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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-12-20 00:00:00",
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  "notes": "The slide uses a simple flow diagram to define the business model and clarify the role of distributors.",
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      "kind": "callout",
      "text": "Distributors purchase products from Herbalife at what HLF deems to be “wholesale” prices and consume the products themselves (“Internal Consumption”) or resell them at retail prices thereby capturing the markup (“Retail Profit”)",
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      "text": "(1) Herbalife products are retailed in stores in China due to the country's MLM laws. (2) Herbalife's Sales & Marketing Plan defines Customers as “anyone who is not an Herbalife Distributor who purchases Herbalife products at retail price.” We apply the same definition to “Retail Customers.”",
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      "text": "Herbalife Is a Direct Seller: Its Products Are Not Sold in Retail Stores",
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