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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": "The slide juxtaposes Herbalife's own marketing claims (left) with a critical framing of their '73% Payout Ratio' (right).",
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      "kind": "callout",
      "text": "Herbalife's “73%” Payout Ratio",
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      "text": "50% is the largest discount/profit in the industry\nPaid in 7 different ways!\nWORLDWIDE, Herbalife has created:\nMore people making $100,000 per year AND\nMore Millionaires than any other company!",
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      "text": "Payout Ratio: 73%",
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      "text": "50% is the largest discount/profit in the industry. Paid in 7 different ways! WORLDWIDE, Herbalife has created: More people making $100,000 per year AND More Millionaires than any other company! Highest Payout In The Industry Up To: 73%",
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      "kind": "source-note",
      "text": "Source: Herbalife Independent Distributor Presentation (2011)",
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      "text": "Herbalife Compensation Plan",
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