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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "David Klafter",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-11-06 00:00:00",
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  "notes": "This is a page from a formal letter/report by Pamela Jones Harbour. It uses strong, accusatory language to frame the business model as a pyramid scheme.",
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      "text": "There is little retail demand for the Company’s overpriced commodity products, which receive almost no advertising and promotion, and retail sales are typically at large discounts from the Company’s artificially high Suggested Retail Prices.",
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      "kind": "paragraph",
      "text": "Only the very few who develop these Business Methods and marketing strategies, and place themselves at the top of a large downline, have any hope of succeeding with Herbalife. Meanwhile, at the bottom, nearly two million people per year churn through the system.",
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      "text": "Every day, new victims are sold on the “dream” of making substantial income working from home by selling protein shakes and diet powder to friends and family. The “dream” is an utter fantasy.",
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      "text": "There is little retail demand for the Company's overpriced commodity products... the Herbalife compensation system incentivizes distributors to (i) order large volumes of Herbalife products, (ii) focus on recruiting new distributors into the scheme, and (iii) push new recruits to order large volumes of products themselves.",
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      "text": "None of these methods is geared toward promoting true retail sales. If there were genuine retail demand for Herbalife products as branded consumer packaged goods, it is difficult to explain the enormous annual turn-over of both Supervisors and non-Supervisors and their pronounced lack of brand loyalty.",
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      "text": "Business Methods and marketing strategies that Herbalife and its senior distributors have developed and proliferated.",
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      "kind": "quote",
      "text": "“fake it ‘til you make it.” — Mark Hughes",
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