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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2018-01-29 00:00:00",
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  "notes": "Slide 47 from an activist investor deck (Pershing Square).",
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      "kind": "callout",
      "text": "We have converted our short position in Herbalife to in-the-money put options that represent ~2% of capital across the funds(1)",
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      "text": "(1) Consolidated exposure across all Pershing Square core funds, including PSLP, PSI, PSH, and PS2. (2) GAAP and Adjusted EPS are down ~19% and ~16%, respectively, based on management's guidance for 2017 as compared to Herbalife's reported 2013 earnings.",
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      "text": "The FTC settlement, which took effect on May 25, 2017, appears to have severely impacted the company's U.S. business (~20% of revenue); U.S. sales for the second and third quarters were down 18% year-over-year; U.S. Volume Points continue to sequentially decline",
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      "text": "Herbalife's financial performance has deteriorated significantly in recent years; Despite the company having repurchased ~33% of outstanding shares since we shorted the stock, EPS has declined by ~19% since 2013(2)",
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      "text": "Herbalife's China business (~20% of revenue) was previously a major growth engine for the company and appears to have flat-lined",
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      "text": "Currently trades at a high valuation in light of low business quality, challenging operational trends, and long-term regulatory risk",
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      "text": "EPS: ~19%",
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      "text": "Herbalife Ltd. (\"HLF\")",
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