{
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  "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",
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  "pageNumber": 14,
  "pageCount": 63,
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  "slideType": "segmentation",
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  "notes": "The slide highlights a discrepancy between internal distributor terminology and official company 10K filings.",
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      "kind": "callout",
      "text": "Herbalife in China has three categories of participants:",
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      "kind": "list",
      "text": "1. Preferred Customer\n2. Business Representative\n3. Distributor",
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      "text": "Source: Interviews with Participants, Marketing Plan; cf. Herbalife's 10Ks, which use different terminology, but the three categories stated here are what Chinese distributors use to describe the plan",
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      "kind": "title",
      "text": "Categories of Participants in the Herbalife Marketing Plan in China",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Monster",
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      "evidence": "The presentation then exposes the allegedly illegal business practices of Herbalife in China, highlighting the 'monster' of pyramid sales.",
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