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3,751-3,780 of 9,549

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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
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
127
The slide uses a legal deposition transcript to undermine the company's credibility regarding compliance enforcement.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
128
The slide uses a legal deposition as evidence to support the claim of lax enforcement.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
132
Uses a side-by-side comparison to highlight a discrepancy in revenue recognition.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
142
The slide uses a visual 'lockstep' argument to imply accounting manipulation.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
144
The slide uses a direct quote to highlight the company's classification of expenses.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
146
Uses a 54% distributor-facing expense ratio and a 50% recruiting reward ratio to arrive at $291mm.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
148
Uses a before-after framing to expose the discrepancy between company claims and actual financial outcomes.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
149
The chart uses arrows to indicate the direction of change for specific components across the business model.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
150
The slide uses a quote from an FTC economist to frame the subsequent data comparison.Herbalife, Ltd. (HLF) · William Ackman
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
11
Valeant Pharmaceuticals International (VRX)Valeant Pharmaceuticals International (VRX) · William Ackman
Conference presentation Activist investor Loop · Logic Chain1 hit
12
Valeant Pharmaceuticals International (VRX)Valeant Pharmaceuticals International (VRX) · William Ackman
Conference presentation Activist investor Loop · Logic Chain1 hit
13
Valeant Pharmaceuticals International (VRX)Valeant Pharmaceuticals International (VRX) · William Ackman
Conference presentation Activist investor Loop · Logic Chain1 hit
14
Valeant Pharmaceuticals International (VRX)Valeant Pharmaceuticals International (VRX) · William Ackman
Conference presentation Activist investor Loop · Logic Chain1 hit