Who Wants to Be a Millionaire? (Herbalife Short)PDF Download

Ackman's presentation lays out his criticism of Herbalife's business model using sales practices, participant economics, and corporate disclosures. It is an example of a highly developed activist short-selling argument.

Read the evidence separately from the speaker's desired conclusion. The slides are instructive for studying persuasion, but the allegations and the investment thesis should not be treated as interchangeable facts.