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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": "Uses an inverted pyramid for compensation and a standard pyramid for distributor distribution to visually emphasize the disparity.",
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      "text": "The Top 1% of Herbalife Distributors Receive 88% of the Rewards",
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      "text": "(1) The figures above refer to U.S. distributors. “Compensation” is an Herbalife term and does not include income earned by distributors from Retail Profit or from Wholesale Commissions. “Compensation” is gross, not net of expenses or taxes. Source: Herbalife Statement of Average Gross Compensation of U.S. Supervisors (2011).\n(2) Only includes “Active” World Team and Supervisors as defined by the Company in its Statement of Gross Compensation of U.S. Supervisors (only 39% of Sales Leaders are “Active”).",
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