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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-07-20 00:00:00",
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      "text": "Herbalife distributors earn almost no retail profit; Herbalife's compensation plan incentivizes orders without regard to retail demand; The real purpose of Nutrition Clubs is recruitment; Participants obtain monetary benefits primarily from recruitment; Recruiting Rewards > Retail Profit; Herbalife mischaracterizes distributors as retail customers.",
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      "text": "Participants in the Herbalife scheme, the distributors, ‘obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers.’ — Pershing Square Capital Management",
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      "text": "(1) Pershing Square Capital Management. Who Wants to be a Millionaire? at p.147. (2) Id. at p.174. (3) Pershing Square Capital Management. The Big Lie. at p.69. (4) Pershing Square Capital Management. Who Wants to be a Millionaire? at p.63. (5) Id. (6) Id at p.126.",
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      "text": "What We Said Then...",
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