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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-01-28 00:00:00",
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  "notes": "Uses bulleted list to contrast management guidance with actual performance and market expectations.",
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      "kind": "callout",
      "text": "Financial results inflected in 2015; 2016 doesn't look much better",
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      "kind": "list",
      "text": "HLF continues to point to “changes to the business model”³ as the reason for a “temporary reset”⁴",
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      "text": "Revenue declined low-double-digits 2015'YTD as weak organic growth was met with substantial FX headwinds. China was – and continues to be – the single bright spot in Herbalife’s financial performance",
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      "text": "HLF’s 2016 EPS guidance of $4.35 - $4.75 compares to Wall Street projections in mid-2013 of $7.00+ in 2016 earnings",
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      "kind": "list",
      "text": "Management has guided to mid-single-digit 2016 revenue growth but negative adjusted EPS growth²; the U.S. Dollar has continued to strengthen since guidance was issued",
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      "text": "Local currency net sales¹ increased 1.2% while reported sales declined 11.9% for the nine-month period ended September 30, 2015. Excluding China, local currency net sales declined 3.2%",
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      "text": "Source: Herbalife Form 10-Q. 1: Excluding the impact of Venezuela's Bolivar denominated net sales. 2: Based on the median of the range for Adjusted Diluted EPS of $4.35-$4.75. 3: Q3'2014 Earnings Call. 4: Id.",
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      "text": "Recent Financial Results Have Been Weak",
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