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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-04-24 00:00:00",
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  "notes": "Slide 47 of an activist investor deck.",
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      "text": "We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price",
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      "text": "We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price",
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      "text": "On a pro forma basis(1) we estimate Herbalife is trading at ~15x earnings",
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      "text": "Long investors appear optimistic regarding Herbalife’s ability to successfully navigate the FTC mandated business model changes",
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      "text": "Herbalife shares have appreciated in 2017 (+24%), driven by a $1.45bn refinancing package / $1.5bn share repurchase authorization",
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      "text": "Partially offset by recent disclosure: Q4 top-line results below guidance driven by both weak volume and FX headwinds; New SEC / DOJ China corruption probe; Reduced 2017 guidance ($3.65 - $4.05) including incremental interest expense",
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      "text": "P/E ratio: 15x",
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      "text": "(1) Giving consideration for share buybacks 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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