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  "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": "Uses testimonials from distributors to prove the business model is recruitment-based rather than service-based.",
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      "kind": "callout",
      "text": "Chinese Distributors explained that their “Hourly Consulting Pay” is passive income – dependent on recruiting – and unrelated to any supposed consulting",
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      "kind": "quote",
      "text": "“The most important thing in this business is not doing your own work. The most important thing is to develop your market and get the hourly pay. All of your members are your market. The bigger your market, the bigger your hourly pay will be. They will all be connected to you.” – Ms. Ping, Guangzhou",
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      "kind": "quote",
      "text": "“I still have profit even if I don’t do anything.” – Ms. Zhang, Guangzhou",
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      "kind": "quote",
      "text": "“Even if I do nothing I still get paid.” – Ms. Chen, Guangzhou",
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      "kind": "quote",
      "text": "“The most important thing in this business is not doing your own work. The most important thing is to develop your market and get the hourly pay. All of your members are your market. The bigger your market, the bigger your hourly pay will be. They will all be connected to you.” — Ms. Ping, Guangzhou; “I still have profit even if I don’t do anything.” — Ms. Zhang, Guangzhou; “Even if I do nothing I still get paid.” — Ms. Chen, Guangzhou",
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      "kind": "source-note",
      "text": "Source: Interviews with Chinese Distributors",
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      "kind": "title",
      "text": "Hourly Consulting Pay Is Passive Royalty Income",
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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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