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  "docSlug": "ff2d385c560d",
  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a combination of bar and line charts to illustrate the deceleration of key operational metrics.",
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      "kind": "callout",
      "text": "Slowing growth in new Sales Leaders is weighing on Herbalife’s ability to recruit new members",
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      "text": "Gross New Members and YoY Growth (%)",
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      "text": "Average Active Sales Leaders (mm) and YoY Growth (%)",
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      "text": "Growth in Average Active Sales Leaders has slowed meaningfully in recent years",
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      "text": "Additionally, Sales Leaders are less productive at recruiting new members",
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      "kind": "source-note",
      "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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      "kind": "title",
      "text": "...Driven by Underlying Operational Drivers",
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