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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
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  "authorName": "Pershing Square",
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      "text": "A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top",
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      "text": "Tighter Concentration of Earnings for Top 1%. In 2015, the top 1% captured 89% of all earnings from the company, up from 85% in 2014.",
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      "text": "Declining Total U.S. Membership. From 2014 to 2015, the number of U.S. Members shrank from 554,353 to 545,160.",
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      "text": "Few Reach President's Team. During 2015, only four U.S. Members achieved the level of President's Team, and it took them, on average, nine years. At Herbalife's Analyst Day on January 3, 2013, President Des Walsh stated that the chance of reaching the President's Team \"has never ever been greater than it is today.\" This is false.",
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      "text": "Overwhelming Majority Receive Zero. In 2015, 86% received no compensation from Herbalife versus 89% in 2014.",
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      "text": "the chance of reaching the President's Team \"has never ever been greater than it is today.\" — President Des Walsh",
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      "text": "Source: Herbalife Statement of Average Gross Compensation, rev. 2.24.16 and rev. 4.17.16; Herbalife Analyst and Investor Day, Jan. 10, 2013, at page 17 and Slide 63.",
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