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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 red box to highlight the 'China Royalties' row in the table.",
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      "kind": "callout",
      "text": "A different schedule in the internal Herbalife model provides more detail on its China historical and projected financials. In a hidden row, Herbalife here refers to the same $79,082,000 simply as \"China Royalties.\"",
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      "text": "Source: Herbalife financial information spreadsheets.",
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      "text": "Herbalife International 2010 Five-Year Plan Projected Pro Forma Financial Model table showing Net Sales, Net Sales to VP, Operating Expenses, and Operating Expenses as % of Net Sales.",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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