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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 stacked bar chart to visualize the components of the 73% payout ratio, contrasting the 50% retail discount against other bonuses.",
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      "kind": "callout",
      "text": "The Company claims that retail represents two-thirds of the profit opportunity for Herbalife distributors (50% of 73%)",
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      "text": "– John DeSimone, CFO of Herbalife, Bank of America Conference (9-14-2010)",
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      "text": "There are two ways to make profit as a distributor within Herbalife. It's the retail component, right? So you distribute it, buy the discount and that represents about two-thirds of the profit opportunity. And then there is a royalty component and that royalty component allows a distributor to earn on other distributors they bring into the business.",
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      "text": "“There are two ways to make profit as a distributor within Herbalife. It’s the retail component, right? So you distribute it, buy the discount and that represents about two-thirds of the profit opportunity. And then there is a royalty component and that royalty component allows a distributor to earn on other distributors they bring into the business.” — John DeSimone, CFO of Herbalife, Bank of America Conference (9-14-2010)",
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      "text": "(1) Actual results referenced in Herbalife's 2008 10K, not including China. Source: Herbalife Investor Day (2009).",
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      "text": "Herbalife's \"73%\" Payout Ratio (in Theory)",
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