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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-01 00:00:00",
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  "pageNumber": 27,
  "pageCount": 63,
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  "notes": "The slide uses a direct quote to expose the mechanics of a multi-level marketing structure while highlighting the distributor's own awareness of the 'pyramid' label.",
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      "kind": "callout",
      "text": "One Distributor summarized the importance of recruiting this way:",
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      "kind": "quote",
      "text": "6 years ago I funded only 1 club. I invested 60,000 RMB to open a club in Guangzhou. Since then 50 clubs have opened under me. None of these clubs were funded by me. But because I contributed to these 50 clubs, everything about these 50 clubs is connected to me. Herbalife pays me a consultancy fee. . . . I have realized financial freedom and time-freedom. Frankly speaking, I can stop working now. But the clubs that have opened under me will not stop. They will still open their doors tomorrow, my income will not stop. With our constant hard work, even if I don't work hard, these clubs will develop new clubs, so we will have 500, 5,000, 50,000 clubs. Some of you might think we are doing pyramid sales. Probably you would feel this way. - Mr. Quiran Chen, Hefei",
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      "kind": "source-note",
      "text": "Source: Distributor Meeting at an Herbalife Store in Hefei, October 25, 2013",
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      "kind": "title",
      "text": "Distributors Emphasize the Importance of Recruiting",
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