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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 screenshot of a spreadsheet to provide primary source evidence of internal financial assumptions.",
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      "text": "This screen shot from an internal document from 2010 shows how Herbalife calculates “China Royalty Overrides” - also called “China Sales Employees.”",
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      "text": "China Royalty Overrides: 47.9%",
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      "text": "This screen shot from an internal document from 2010 shows how Herbalife calculates \"China Royalty Overrides\" – also called \"China Sales Employees.\" The key inputs are: Line 54 – \"Rebate\" – 25.0% Line 55 – \"R/O\" for Royalty Overrides – 15.0% Line 56 – \"P/B\" for Production Bonuses – 7.0% Line 57 – \"MH Bonus\" for Mark Hughes Bonus – 1.0% Line 58 – China Bonus 1.0%",
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      "text": "Source: Herbalife financial information spreadsheets from 2010.",
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      "text": "Herbalife International 2010 Five-Year Plan Projected Pro Forma Financial Model",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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