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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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      "kind": "callout",
      "text": "Declining new gross member adds, coupled with constant churn, has caused the total member base to flatline",
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      "text": "The pyramid is no longer growing\nGross Member additions declined in 2015",
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      "text": "Year-Over-Year Growth: 4.00",
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      "text": "Source: Herbalife financial statements.",
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