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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-01 00:00:00",
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  "pageNumber": 25,
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  "notes": "The slide uses a green callout box to frame the mechanism and the subsequent critique of the mechanism.",
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      "kind": "paragraph",
      "text": "Herbalife divides total Hourly Consulting Pay by the Distributor's \"Consulting Rate\":",
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      "text": "This calculation yields a fictional number of hours the Distributor supposedly worked.",
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      "text": "Distributors are not required to track or report the number of hours supposedly spent consulting. To the contrary, Herbalife pays \"Consulting Fees\" regardless of whether there is any actual consulting.",
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      "text": "Source: Interviews with Chinese distributors",
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      "text": "Distributor Tier | Consulting Rate\nJunior 1 | 250 RMB/hr\nJunior 2 | 350 RMB/hr\nMiddle | 500 RMB/hr\nSenior | 1,000 RMB/hr\nSpecial | 2,000 RMB/hr",
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      "kind": "title",
      "text": "How Herbalife Calculates Hourly Consulting Pay",
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