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  "docSlug": "886ebab3088d",
  "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": "Uses a stacked bar chart to visualize the payout structure and bulleted lists to deconstruct the company's claims.",
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      "kind": "chart",
      "text": "73% Distributor Payout chart showing $797 million and $1.8 billion segments",
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      "kind": "list",
      "text": "Herbalife's Representation of 23% Recruiting Rewards - Excludes Wholesale Commissions - Excludes Recruiting Rewards in SG&A",
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      "text": "Herbalife's Representation of 50% 'Retail Profit' - Assumes product is sold at SRP - Assumes 100% of product purchased by distributors is resold to Retail Customers - Treats Wholesale Commissions as Retail Profit",
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      "text": "Distributor Payout: 73%",
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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": "A Misleading Chart...",
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