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  "docSlug": "886ebab3088d",
  "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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  "density": "balanced",
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  "notes": "The chart illustrates the 'Income through Team Building' curve as exponential, contrasting it with the 'Income through Customers' curve which is shown as flattening.",
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      "text": "Senior Distributors Encourage Other Distributors to “Team Build” if they Want a Growing Income Stream",
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      "kind": "chart",
      "text": "Income vs Time chart showing two curves: one linear/flattening (Customers) and one exponential (Team Building)",
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      "text": "4 Income Streams\nActive / Retail - Customers\nRetail Profit = 25%-50%\nWholesale Profit = 8%-25%\nPassive / Residual – Team Building\nRoyalties = 5% on 3 Levels\nBonuses = 2%-7% to Infinity",
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      "text": "Source: Herbalife independent distributor presentation (2008).",
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