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  "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",
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  "pageNumber": 26,
  "pageCount": 63,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses direct quotes to expose the business model as recruitment-focused rather than retail-focused.",
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  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/26",
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      "kind": "callout",
      "text": "Chinese Distributors confirm that “Hourly Consulting Fees” are far more lucrative than selling products to retail customers",
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      "kind": "quote",
      "text": "“Even if I don’t earn money from any personal sales I still earn hourly consulting pay.” – Ms. Chen, Guangzhou",
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      "kind": "quote",
      "text": "“Earning 30% of retail profits is not very much. But the consulting fee paid by Herbalife is very high.” – Mr. Hu, Hefei",
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      "kind": "quote",
      "text": "“Once you become a Distributor there is a really good thing called Management Fees [consulting fees]. In Herbalife, the biggest part of our pay comes from Management Fees. Some people earn 100,000 RMB to 200,000 RMB per month. It is not possible to earn this kind of money just from retail profits.” – Ms. Ping, Guangzhou",
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      "kind": "source-note",
      "text": "Source: Interviews with Chinese Distributors",
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      "kind": "title",
      "text": "Distributors Emphasize the Importance of Recruiting",
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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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