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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 timeline-style layout to contrast early management optimism with later admissions of market decline.",
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      "text": "2016: \"...we continue to see the negative impact... and we will see those continue to impact us for the next couple of quarters, certainly.\"",
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      "text": "2015: \"...return to the growth that we've seen in the past in Korea will be a 2016 story rather than really 2015.\"",
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      "text": "2010: \"During the first quarter [2010], local currency sales were up 69% in Korea... momentum in Korea shows no signs of slowing.\"",
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      "text": "2017: \"...we continue to work through the challenges in Brazil, Korea and China... In Korea, we face the [sic] number of challenges...\"",
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      "text": "2015: \"We also saw a decline in sales in Korea...\"",
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      "text": "2014: \"...we're very confident about the future for Korea.\"",
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      "kind": "quote",
      "text": "“During the first quarter [2010], local currency sales were up 69% in Korea... We believe that the momentum in Korea shows no signs of slowing.” — Des Walsh (May 2010); “While most of our markets performed well in 2016, we continue to work through the challenges in Brazil, Korea and China... In Korea, we face the [sic] number of challenges...” — Michael Johnson (February 2017)",
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      "kind": "source-note",
      "text": "Source: Herbalife SEC filings, Q1'2010 earnings conference call transcript, Q3'2014 earnings conference call transcript, Q2'2015 earnings conference call transcript, Q1'2016 earnings conference call transcript, Q4'2016 earnings conference call transcript. Note: Emphasis added.",
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      "kind": "title",
      "text": "\"Pop-and-Drop:\" Country-Level Disclosure",
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      "text": "Evolution of South Korea Disclosure",
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