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  "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",
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  "pageNumber": 24,
  "pageCount": 63,
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  "slideType": "expose_contradiction",
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  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a process-like list to expose the mechanics of a potentially fraudulent accounting practice.",
  "elementsJson": null,
  "metadataConfidence": 1,
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  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/24",
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      "kind": "callout",
      "text": "“Hourly Consulting Pay” is unrelated to “hours” or “consulting.” It is merely a deceptive label for recruiting rewards.",
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      "kind": "list",
      "text": "First, Herbalife sets an arbitrary “Hourly Consulting Rate” for each tier of Distributors; Herbalife then calculates the total amount of Royalties and recruiting rewards to which a Distributor is entitled; Herbalife then divides the total amount of Royalties and recruiting rewards by the Distributor’s “Consulting Rate” to come up with a fictional number of hours the Distributor “worked” in promoting Herbalife products.",
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      "kind": "title",
      "text": "Herbalife’s Practices Make it Difficult to Learn the Truth about Hourly Consulting Pay",
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      "evidence": "The slide explicitly labels the company's practice as 'deceptive' and breaks down the mechanics of the misrepresentation.",
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      "evidence": "The document presents multiple slides that expose contradictions in Herbalife's business practices in China, highlighting the company's violations of Chinese law.",
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