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  "docSlug": "f39479b88775",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-08-01 00:00:00",
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  "pageNumber": 51,
  "pageCount": 63,
  "prevPage": 50,
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  "notes": "The slide uses a yellow callout box to highlight the core argument against the company's business model.",
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      "kind": "callout",
      "text": "Distributors are incentivized to recruit new participants rather than make retail sales:",
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      "kind": "list",
      "text": "1. Distributors must accumulate Volume Points to rise through the marketing plan. Volume Points are calculated based on the orders placed by Distributors themselves or by those participants in the Distributor's downline.\n2. Distributors receive Retroactive Credits when their downline Business Representatives order products from Herbalife.\n3. \"Hourly Consulting Pay,\" in reality, is royalty compensation paid to an upline distributor for having recruited a large downline organization and caused them to purchase inventory.",
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      "kind": "title",
      "text": "Distributor Incentives Encourage Recruiting",
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      "arcName": "Overcoming the Monster",
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