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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2017-05-11 00:00:00",
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  "notes": "The slide uses a quote from 2008 to highlight the gap between management's historical optimism and the actual declining performance shown in the chart.",
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      "kind": "chart",
      "text": "China Quarterly Constant-Currency Sales Growth Trends",
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      "text": "Constant-Currency Sales Growth: 20%",
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      "kind": "quote",
      "text": "\"China is 1.3 billion people... I think our opportunity is tremendous in that marketplace for local product development, for some very creative ideas.\" - Michael Johnson (August 2008)",
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      "text": "\"China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic ‘pop-and-drop’ in that marketplace. So we're trying to build in right away a retailing base into that marketplace. I would say initially there is going to be a lot of recruiting, a lot of business opportunity development... I think our opportunity is tremendous in that marketplace for local product development, for some very creative ideas.\" - Michael Johnson (August 2008)",
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      "text": "Source: Herbalife SEC filings and Q2'2008 earnings conference call transcript. (1): Q1'17 has been adjusted to reflect the volume pull-forward. (2): A 2-Year Stack is computed by adding the prior year period constant-currency growth figure to the current period constant-currency growth figure.",
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      "text": "Adjusted Results Represent a Sequential Worsening in China Growth Trends",
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