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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 the 'ceo-quote-contradiction' framework to highlight that top earners focus on recruitment rather than retail sales.",
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      "text": "They're recruiters.",
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      "kind": "quote",
      "text": "They're building their sales organization, so more of their compensation or income is based on the commission structuring in their multiple level marketing.",
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      "text": "No, that's their income. So then you're looking at now our retail sales, because the single biggest opportunity for those supervisors is their 50% off list discount. That's the biggest component of their income. They get a small piece on their royalties, because they really haven't started building a sales organization yet to get rewards down below. Whereas someone up in the very top, they're $2+ million, they're probably working on very little retail margin, because they're not really retailers.",
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      "text": "“No, that's their income. So then you're looking at now our retail sales, because the single biggest opportunity for those supervisors is their 50% off list discount. That's the biggest component of their income. They get a small piece on their royalties, because they really haven't started building a sales organization yet to get rewards down below. Whereas someone up in the very top, they're $2+ million, they're probably working on very little retail margin, because they're not really retailers.” — Rich Goudis, CFO; “They're recruiters.” — Michael Johnson, CEO, Chairman; “They're building their sales organization, so more of their compensation or income is based on the commission structuring in their multiple level marketing.” — Rich Goudis, CFO",
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      "text": "Source: Herbalife at Goldman Sachs 14th Annual Retailing Conference (9-5-2007).",
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      "text": "Top Earning Distributors are “Recruiters”",
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