{
  "docId": "019dd923-622c-750b-8b9b-9e6bdedc5eed",
  "docSlug": "f39479b88775",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 63,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "appendix_methodology",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "This slide outlines the investigative process, including third-party research and document review.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-9e6bdedc5eed/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-9e6bdedc5eed",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-9e6bdedc5eed.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-9e6bdedc5eed#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As we will show, these documents confirm that Herbalife's commission-based compensation plan in China is essentially identical to the commission-based plans used in the rest of the world",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a32d-a5f04c9e2f44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.06,
        "y": 0.3
      },
      "kind": "list",
      "text": "Sources: Retained OTG Research Group (\"OTG\"); OTG sent researchers to meet with a dozen Herbalife distributors in Shanghai, Guangzhou and Hefei; Principal Aaron Smith-Levin oversaw the local investigation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "075cb09e-9694-4bb3-aa97-268f1506acff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.06,
        "y": 0.6
      },
      "kind": "list",
      "text": "Reviewed Herbalife's SEC filings and internal financial documents; As we will show, these documents confirm that Herbalife's commission-based compensation plan in China is essentially identical to the commission-based plans used in the rest of the world",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1376c7cf-cadb-4d0a-b211-b4fed5280087",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Pershing Square investigated whether Herbalife complies with Chinese law",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2967e64c-de22-4855-9a31-00cbb3e2912f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "title",
      "text": "Herbalife in China",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "402e5532-1fd9-4b15-9ed8-1e1afb136961",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "71913c81-068f-4171-89bb-002163c066c0",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The presentation then exposes the allegedly illegal business practices of Herbalife in China, highlighting the 'monster' of pyramid sales.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 10,
      "name": "Analogy",
      "slug": "08-analogy",
      "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
      "matchId": "3d5cc410-f534-427b-961b-d5ed35b58c78",
      "evidence": "The presentation uses analogies to explain the differences between direct selling and pyramid sales.",
      "position": 0,
      "objective": "To illustrate the differences between direct selling and pyramid sales in China",
      "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
      "confidence": 0.7,
      "description": "Explain the unfamiliar through a well-understood parallel domain"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}