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  "docSlug": "f39479b88775",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-08-01 00:00:00",
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  "pageNumber": 8,
  "pageCount": 63,
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  "notes": "The slide uses a 'ceo-quote-contradiction' framework to imply that the company's secrecy about compensation in China may be masking regulatory non-compliance or problematic business practices.",
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      "kind": "quote",
      "text": "CFO (today, COO) Rich Goudis: “For competitive reasons, I don't want to disclose our compensation program... We have a very competitive marketing plan... Obviously, there's a limit in the payout... we'd rather stay somewhat quiet.” 1Q07 Conf. Call",
      "attrs": null,
      "subkind": "testimonial",
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      "kind": "quote",
      "text": "Pres. Des Walsh: “China is probably the most regulated market in which we operate. It is a different model there from the rest of the world.” 3Q13 Conf. Call",
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      "kind": "quote",
      "text": "\"China is probably the most regulated market in which we operate. It is a different model there from the rest of the world.\" — Pres. Des Walsh, 3Q13 Conf. Call; \"For competitive reasons, I don't want to disclose our compensation program other than to say that we are abiding by all local regulations. We have a very competitive marketing plan for our distributors . . . Obviously, there's a limit in the payout. Again, we're compliant with all local regulations. And other than that, we'd rather stay somewhat quiet on our compensation plan as it is a competitive advantage for us.\" — CFO (today, COO) Rich Goudis, 1Q07 Conf. Call",
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      "kind": "title",
      "text": "Herbalife in China",
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