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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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  "pageCount": 334,
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  "notes": "The slide uses a contrast-pairs approach to expose a structural inconsistency in how distributors are compensated.",
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      "kind": "callout",
      "text": "Royalty overrides paid by Herbalife are unrelated to the ultimate sale price for the product achieved by distributors",
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      "kind": "callout",
      "text": "Retail Profit varies depending on the ultimate sale price for the product achieved by distributors",
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