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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": "The slide uses a combination of bar charts for absolute values and line charts for YoY growth to illustrate the business decline.",
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      "text": "Gross New Members (mm) and YoY Growth (%)",
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      "text": "Source: Herbalife financial statements. Note: Full year 2015 Average Active Sales Leaders based on a proprietary forecast for Q4 consistent with year-to-date trends. Full year 2015 Gross New Members based on YTD results annualized.",
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