{
  "docId": "019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "docSlug": "345ff108ad03e42764e2730db1ef15e0",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 63,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide highlights the structural incentive for recruiting inherent in the compensation plan.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/19",
  "deckHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "deckJsonHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc.json",
  "deckAnchorHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "Retroactive Credits totaling 30% are paid to Business Representatives and their upline Distributors",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1be1874a-00b4-45db-beaa-d4add14db346",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.73
      },
      "kind": "callout",
      "text": "Retroactive Credits received on purchases by your downline incentivize recruiting",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "365ff397-1ecc-42c7-8584-fef33f6c87e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.74,
        "x": 0.13,
        "y": 0.41
      },
      "kind": "list",
      "text": "For every “sale” by a Business Representative, Herbalife pays 30% of the value of that sale in Retroactive Credits. The Business Representative receives 15-25%. The balance (5-15%) flows to his or her direct upline.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6cd2e93-233e-4681-83e2-d84c9c399aa3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Interviews with Herbalife Distributors in China",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1db8e1b7-720a-4d2f-935b-110f9def8b91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.55,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Retroactive Credits Paid to Upline Distributors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24b4b4ac-39cd-48f3-94df-0aa49e6dd06d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 55,
      "from": 8,
      "beatId": "8f41381c-764a-4bb5-a641-90d1aab210eb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents multiple slides that expose contradictions in Herbalife's business practices in China, highlighting the company's violations of Chinese law.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 22,
      "from": 14,
      "name": "Analogy",
      "slug": "08-analogy",
      "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
      "matchId": "6230c198-9537-4ac4-bf35-821ba7aa81c2",
      "evidence": "The document uses analogies and comparisons to highlight the problems with Herbalife's business model in China.",
      "position": 0,
      "objective": "To illustrate the flaws in Herbalife's business model",
      "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
      "confidence": 0.7,
      "description": "Explain the unfamiliar through a well-understood parallel domain"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}