{
  "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",
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  "pageNumber": 17,
  "pageCount": 63,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a quote from a 2013 news article to frame the business model as a disguised form of recruitment fees.",
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      "kind": "callout",
      "text": "To rise from Preferred Customer to Business Representative . . .",
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      "text": "Accumulate 100 Volume Points by either: Ordering products from Herbalife at full Suggested Retail Price [1 Volume Point for every 12 RMB (~ $1.96) worth of Herbalife products], or Building a downline of other participants who then order products from Herbalife",
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      "text": "Accumulate 100 Volume Points by either: Ordering products from Herbalife at full Suggested Retail Price [1 Volume Point for every 12 RMB (~ $1.96) worth of Herbalife products], or Building a downline of other participants who then order products from Herbalife",
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      "text": "One of the key conditions [of qualifying as a Business Representative] is that you need to purchase Herbalife products up to a certain quantity; and such a disguised form of ‘recruitment fees’ may constitute a violation of the relevant provisions of the State. — First Financial Daily (Aug. 12, 2013)",
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      "kind": "source-note",
      "text": "Source: Interviews with Chinese Distributors. See also “Herbalife’s Sneaky Business Activities in China Raised Suspicion: Disguised Form of Recruitment Fees Gives Away Its Pyramid Scheme,” First Financial Daily (Aug. 12, 2013): “One of the key conditions [of qualifying as a Business Representative] is that you need to purchase Herbalife products up to a certain quantity; and such a disguised form of ‘recruitment fees’ may constitute a violation of the relevant provisions of the State.”",
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      "kind": "title",
      "text": "Requirements to Become a Business Representative",
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