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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-07-01 00:00:00",
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  "pageCount": 48,
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  "notes": "The slide uses a 'check-mark' visual to imply that previous assertions have been proven correct.",
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      "kind": "list",
      "text": "Herbalife distributors earn almost no retail profit (1)\nHerbalife’s compensation plan incentivizes orders without regard to retail demand (2)\nThe real purpose of Nutrition Clubs is recruitment (3)\nParticipants in the Herbalife scheme, the distributors, ‘obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers.’” (4)\nRecruiting Rewards earned by distributors are substantially greater than the Retail Profit they generate (5)\nHerbalife mischaracterizes distributors attempting to build a business as retail customers (6)",
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      "kind": "source-note",
      "text": "(1) Pershing Square Capital Management. Who Wants to be a Millionaire? at p.147.\n(2) Id. at p.174.\n(3) Pershing Square Capital Management. The Big Lie. at p.69.\n(4) Pershing Square Capital Management. Who Wants to be a Millionaire? at p.63.\n(5) Id.\n(6) Id at p.126.",
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      "kind": "title",
      "text": "What We Said Then...",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents a series of contradictions and inconsistencies in Herbalife's business practices",
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