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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "Slide 66 from an activist investor presentation.",
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      "text": "We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis",
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      "text": "Recent events have caused Herbalife's shares to appreciate; we expect shares to remain volatile given technical factors. Perception of a more lenient MLM regulatory regime. Credit Suisse marketing $1.325bn credit facility.",
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      "text": "Partially offset by recent disclosure: Q4 top-line results below guidance; Reduced 2017 guidance ($4.20 - $4.60); New SEC China investigation.",
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      "text": "Herbalife is currently trading at ~13x the midpoint of management's revised 2017 guidance. On a pro forma basis(1) we estimate Herbalife is trading at 14x to 16x",
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      "text": "(1) Giving consideration for FX headwinds and assuming a modest decline in the U.S. business and expensing certain add-backs which we view as normal course expenses.",
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      "text": "HLF: Recent Events",
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