Matching slides 110,355
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102
The slide uses a primary source document (Herbalife Q&A) to validate the claim about tax pass-through mechanics.Herbalife, Ltd. (HLF) · William Ackman
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103
The slide uses a specific company document to illustrate a broader point about VAT pass-through requirements.Herbalife, Ltd. (HLF) · William Ackman
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106
The slide uses a 'villain' framing by highlighting unauthorized discounting by distributors, which contradicts the company's official pricing model.Herbalife, Ltd. (HLF) · William Ackman
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107
The slide uses a third-party data source (ITG) to validate the claim of price erosion on secondary markets.Herbalife, Ltd. (HLF) · William Ackman
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108
The slide uses a third-party data source (ITG) to validate the claim of price erosion on secondary markets.Herbalife, Ltd. (HLF) · William Ackman
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109
The slide uses a bar chart to show that the eBay price is nearly identical to the retail price, supporting the thesis that these products are commodities.Herbalife, Ltd. (HLF) · William Ackman
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114
Uses a direct quote from an 8-K filing to expose a lack of transparency or operational oversight.Herbalife, Ltd. (HLF) · William Ackman
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118
Uses a visual flow to show how retail customer spending is distributed across various levels, contradicting the 'single-level' classification.Herbalife, Ltd. (HLF) · William Ackman
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119
This slide is part of a series exposing Herbalife's business model by contrasting their lack of transparency with their own internal claims.Herbalife, Ltd. (HLF) · William Ackman
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121
The slide uses a quote to set up a contradiction, likely to be debunked in subsequent slides.Herbalife, Ltd. (HLF) · William Ackman
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122
The slide uses a comparison frame to expose the contradiction between Herbalife's claims and the reality of their distributor churn.Herbalife, Ltd. (HLF) · William Ackman
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123
The slide uses a quote to frame the company's defense against potential pyramid scheme allegations.Herbalife, Ltd. (HLF) · William Ackman
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124
The slide outlines internal company policy requirements for distributor qualification.Herbalife, Ltd. (HLF) · William Ackman
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125
The slide uses a callout box for the final point to emphasize the core contradiction regarding the 70% volume rule.Herbalife, Ltd. (HLF) · William Ackman
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126
The slide uses a red dashed box to highlight the specific clause that allows internal sales to count as retail customers.Herbalife, Ltd. (HLF) · William Ackman
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134
The slide uses a visual bridge (dashed arrow) to connect the 'Royalty Overrides' in the P&L table to the 'Royalty Overrides' component in the distributor payout stack.Herbalife, Ltd. (HLF) · William Ackman
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138
Uses legal citations to challenge the company's classification of distributors as customers.Herbalife, Ltd. (HLF) · William Ackman
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139
The slide uses a bottom-up estimation approach to fill a disclosure gap in SEC filings.Herbalife, Ltd. (HLF) · William Ackman
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140
The slide uses a stacked bar visual to represent the composition of distributor payouts.Herbalife, Ltd. (HLF) · William Ackman
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142
The slide uses a visual 'lockstep' argument to imply accounting manipulation.Herbalife, Ltd. (HLF) · William Ackman
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143
The slide uses a waterfall-style diagram to break down revenue and expenses, with a specific callout to potential savings.Herbalife, Ltd. (HLF) · William Ackman
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145
Uses a screenshot of a Herbalife promotional slide to illustrate the point.Herbalife, Ltd. (HLF) · William Ackman
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146
Uses a 54% distributor-facing expense ratio and a 50% recruiting reward ratio to arrive at $291mm.Herbalife, Ltd. (HLF) · William Ackman
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147
Uses a 'Reality vs Representation' framework to expose the discrepancy in distributor earnings.Herbalife, Ltd. (HLF) · William Ackman
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148
Uses a before-after framing to expose the discrepancy between company claims and actual financial outcomes.Herbalife, Ltd. (HLF) · William Ackman
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150
The slide uses a quote from an FTC economist to frame the subsequent data comparison.Herbalife, Ltd. (HLF) · William Ackman
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151
The slide appears to be a placeholder or a visual break in the deck, featuring the company logo with a manual annotation.Herbalife, Ltd. (HLF) · William Ackman
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159
The slide uses a direct quote from a legal declaration to frame the business model as a pyramid scheme.Herbalife, Ltd. (HLF) · William Ackman
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162
The slide highlights the 'pay-to-play' nature of the compensation structure.Herbalife, Ltd. (HLF) · William Ackman
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164
The slide uses a specific legal precedent to frame a broader critique of the company's compensation model.Herbalife, Ltd. (HLF) · William Ackman
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