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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 visual mapping of financial flows to argue that the company's narrative is misleading.",
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      "kind": "callout",
      "text": "Herbalife makes this claim in an attempt to convince the public and regulators that the opportunity for Retail Profits is greater than that for Recruiting Rewards",
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      "text": "Distributor Earnings Model flow chart",
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      "kind": "quote",
      "text": "Earnings opportunity available in wholesale retail discount (single-level) is more than 2x that from royalties and bonuses. — Herbalife Investor Update presentation (5-22-2012).",
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      "text": "(1) Actual results referenced in Herbalife's 2008 10K, not including China. Source: Herbalife Investor Day (2009). * Based off off retail sales price Source: Herbalife Investor Update presentation (5-22-2012).",
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      "kind": "title",
      "text": "Herbalife's Perception: Retail Profit is Greater than Recruiting Rewards",
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