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116
The slide uses highlighting and underlining to draw attention to specific claims made by the CFO regarding the FTC's stance on self-consumption.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
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
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
120
This is a classic 'expose contradiction' slide used in activist short-selling presentations to undermine the value proposition of a multi-level marketing company.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
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
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
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
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
129
The slide uses a callout box for the final point to emphasize the 30% assumption.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
130
The slide uses a visual breakdown of payout components to argue that retail profit should not be conflated with wholesale commissions.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
131
Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
133
Uses a before-after comparison to expose accounting manipulation.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
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
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
135
The slide uses a visual flow to contrast the total retail price with the fragmented commission structure.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
136
The slide uses a flow diagram to show money moving from a retail customer through various distributor levels, challenging the company's accounting classification.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
137
The slide highlights accounting practices in the MLM industry to support a broader argument about revenue recognition.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
138
Uses legal citations to challenge the company's classification of distributors as customers.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
139
The slide uses a bottom-up estimation approach to fill a disclosure gap in SEC filings.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
140
The slide uses a stacked bar visual to represent the composition of distributor payouts.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
141
The slide uses a visual mapping of P&L line items to demonstrate that 'Recruiting Profit' is a significant portion of the business model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
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
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
145
Uses a screenshot of a Herbalife promotional slide to illustrate the point.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
147
Uses a 'Reality vs Representation' framework to expose the discrepancy in distributor earnings.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
152
This is a classic 'villain critique' slide in an activist deck, framing the business model as inherently predatory.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
153
Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
154
This slide serves as a core argument or 'thesis' slide in an activist presentation.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
155
Uses a 'would you rather' framing to expose the inherent flaws of the business model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
157
Herbalife, Ltd. (HLF)Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
158
The slide uses a legal precedent to simplify a complex regulatory test into a single, actionable question.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
160
The slide frames the compensation structure as a mechanism that forces distributors to purchase products to qualify for earnings.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
162
The slide highlights the 'pay-to-play' nature of the compensation structure.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
164
The slide uses a specific legal precedent to frame a broader critique of the company's compensation model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit
165
The slide uses annotations to highlight specific volume plateaus (5,000, 3,000, 2,500) to argue against organic retail demand.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor 1 hit