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  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
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  "notes": "The chart illustrates the 'debt-for-equity' swap dynamic where debt increased while market cap declined.",
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      "kind": "callout",
      "text": "HLF took on substantial leverage in 2014 to fuel an aggressive buyback program and bolster a falling share price. With an $1B credit facility maturing in March 2016, Herbalife is running out of options",
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