{
  "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": 51,
  "pageCount": 63,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a yellow background callout box to emphasize the core argument.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/51",
  "deckHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "deckJsonHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc.json",
  "deckAnchorHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc#slide-51",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.07,
        "y": 0.38
      },
      "kind": "list",
      "text": "1. Distributors must accumulate Volume Points to rise through the marketing plan. Volume Points are calculated based on the orders placed by Distributors themselves or by those participants in the Distributor's downline.\n2. Distributors receive Retroactive Credits when their downline Business Representatives order products from Herbalife.\n3. “Hourly Consulting Pay,” in reality, is royalty compensation paid to an upline distributor for having recruited a large downline organization and caused them to purchase inventory.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4da5d0f7-605f-4490-a08e-559bb33e0508",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Distributors are incentivized to recruit new participants rather than make retail sales:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae8cb945-3bf2-470c-950c-051474fe4f86",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Distributor Incentives Encourage Recruiting",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93040841-6e03-47f6-9923-0b5102ec5b9c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b43766c0-de57-4ee6-8f33-6c6c316ea5aa",
      "evidence": "The slide explicitly frames the compensation structure as a mechanism for recruiting rather than retail, a common critique of MLM business models.",
      "confidence": 0.9
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}