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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-01 00:00:00",
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  "notes": "Contains three hand-drawn organizational charts illustrating deep multi-level marketing structures.",
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      "text": "Herbalife's marketing plan in China includes seven identified levels (Preferred Customer, Business Representative and five levels of Distributors), and each organization can go infinitely deep. Participants explained there are NO LIMITS on the number of levels in their downlines. Herbalife has no publicly disclosed policies that limit the number of levels in downlines in China.",
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      "text": "Source: Interviews with Chinese Distributors",
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      "text": "Herbalife's Business in China Has More Than 30 Participants and More than Three Levels – Joint Policy Directive",
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