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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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  "notes": "The slide uses a table to expose the predatory nature of a multi-level marketing structure by comparing high entry costs to national GDP.",
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      "kind": "callout",
      "text": "Reaching these levels requires establishing a downline and inducing them to purchase enormous amounts of inventory. 2012 GDP per capita in China: US $6,091",
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      "text": "Reaching these levels requires establishing a downline and inducing them to purchase enormous amounts of inventory",
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      "text": "Source: The World Bank http://data.worldbank.org/indicator/NY.GDP.PCAP.CD;",
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      "text": "Distributor Tier, Volume Points Required, RMB Equivalent, USD Equivalent. Junior 1, 5000, 60000, 9850. Junior 2, 10000, 120000, 19700. Middle, 20000, 720000, 118200. Senior, 80000, 2.88M, 472800. Special, 200000, 7.22M, 1.19M",
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      "text": "Requirements for Each of Five Tiers of Distributor",
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