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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": "Includes a direct excerpt from a 2011 10-K filing and a reconciliation table.",
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      "kind": "callout",
      "text": "Distributor Allowances are based on this fictitious representation of \"Retail Sales\"",
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      "kind": "callout",
      "text": "Herbalife determines its so-called \"Retail Sales\" by assuming all sales made by distributors are at 100% of Herbalife's inflated Suggested Retail Prices",
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      "text": "Distributor Allowances are based on this fictitious representation of “Retail Sales”",
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      "text": "Retail sales: $5,427,844",
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      "text": "Retail sales represent the gross sales amount reflected on our invoices to our distributors. We do not receive the full retail sales amount. — Herbalife 10-K (2011)",
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      "text": "Reconciliation table showing Retail sales, Distributor allowance, Product sales, Shipping & handling revenues, and Net sales from 2007-2011.",
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      "text": "Herbalife's So-Called \"Retail Sales\"",
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