slides · global inventory
Overcoming Monster
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The slide uses a yellow callout box to emphasize the lack of consumer value in the Preferred Customer program.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Monster1 hit
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The slide uses a quote from a 2013 news article to frame the business model as a disguised form of recruitment fees.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Monster1 hit
18
This slide is likely from an activist presentation (Pershing Square/Ackman) critiquing Herbalife's business model by highlighting how 'credits' are framed as 'salary'.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Monster1 hit
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The slide highlights the structural incentive for recruiting inherent in the compensation model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Monster1 hit
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The slide uses a green box to highlight the recruitment requirement and a yellow box to emphasize the incentive structure, framing it as a critique of the business model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Monster1 hit
21
The slide contains a photograph of a handwritten document with annotations, arrows, and organizational hierarchy sketches.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide uses a table to expose the predatory nature of a multi-level marketing structure by comparing high entry costs to national GDP.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide uses a green callout box to emphasize the deceptive nature of the compensation terminology.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide uses a process-oriented list to expose a deceptive accounting practice.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide uses a table to show the rates and green callout boxes to frame the argument that the consulting pay structure is a sham.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide highlights a contradiction between the company's public retail-focused narrative and the internal reality of distributor income.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
27
The slide uses a direct quote to expose the mechanics of a multi-level marketing structure, specifically highlighting the distributor's own awareness of the 'pyramid' perception.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Uses testimonials from distributors to prove the business model is recruitment-based rather than service-based.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
30
The slide features a photograph of a hand-drawn tree diagram on paper, showing a hierarchy starting from 'Me' (我) and branching out into multiple levels of recruits (A, B, C, etc.).Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
31
The diagram shows a 'Me' node at the top with multiple branches, indicating a pyramid or network structure.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
32
The slide uses a hand-drawn sketch to explain the recruitment hierarchy, likely to illustrate a pyramid or multi-level marketing structure.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
33
The slide contains a hand-drawn sketch of a hub-and-spoke model with a Chinese character for 'you' in the center and a bracket indicating '200' recruits.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The diagram shows a hierarchical tree structure with Chinese characters, suggesting a pyramid or network marketing scheme.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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The slide uses informal, hand-drawn sketches to provide qualitative evidence of distributor behavior.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Uses a simple causal flow diagram to link a business practice to legal violation.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Uses a simple causal flow diagram to show the violation of a specific legal article.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Uses a visual arrow to connect business practices to legal definitions.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Struggle1 hit
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Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Victory1 hit
42
The slide uses a table from the 2013 10K to demonstrate that China's contribution margin is artificially inflated compared to other regions.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Victory1 hit
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The slide uses a table to perform a pro forma adjustment on contribution margins, highlighting the discrepancy between reported and adjusted figures.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Victory1 hit
44
The slide uses a screenshot of a spreadsheet to provide primary source evidence of internal financial assumptions.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Victory1 hit
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The slide uses a red box to highlight the matching figures between the internal document and the public 10-K filing.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · The Victory1 hit