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  "docSlug": "f39479b88775",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-08-01 00:00:00",
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  "notes": "The slide highlights a contradiction between the company's public retail-focused narrative and the internal reality of distributor income.",
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      "kind": "callout",
      "text": "Chinese Distributors confirm that “Hourly Consulting Fees” are far more lucrative than selling products to retail customers",
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      "kind": "quote",
      "text": "“Even if I don’t earn money from any personal sales I still earn hourly consulting pay.” – Ms. Chen, Guangzhou",
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      "kind": "quote",
      "text": "“Once you become a Distributor there is a really good thing called Management Fees [consulting fees]. In Herbalife, the biggest part of our pay comes from Management Fees. Some people earn 100,000 RMB to 200,000 RMB per month. It is not possible to earn this kind of money just from retail profits.” – Ms. Ping, Guangzhou",
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      "kind": "quote",
      "text": "“Earning 30% of retail profits is not very much. But the consulting fee paid by Herbalife is very high.” – Mr. Hu, Hefei",
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      "text": "“Once you become a Distributor there is a really good thing called Management Fees [consulting fees]. In Herbalife, the biggest part of our pay comes from Management Fees. Some people earn 100,000 RMB to 200,000 RMB per month. It is not possible to earn this kind of money just from retail profits.” — Ms. Ping, Guangzhou; “Even if I don’t earn money from any personal sales I still earn hourly consulting pay.” — Ms. Chen, Guangzhou; “Earning 30% of retail profits is not very much. But the consulting fee paid by Herbalife is very high.” — Mr. Hu, Hefei",
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      "text": "Source: Interviews with Chinese Distributors",
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      "kind": "title",
      "text": "Distributors Emphasize the Importance of Recruiting",
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      "evidence": "The presentation presents evidence of Herbalife's struggles to comply with Chinese law, including contradictions in their own documents.",
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