Herbalife in the Sydney Morning Herald
Courtesy of John Hempton at Bronte Capital
There is an article on the FTC settlement in the Sydney Morning Herald. Good read.
It's made better by this cartoon image of me:
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Is Herbalife a pyramid scheme? Billionaires at odds over the question
Excerpt:
Is the company behind nutritional supplement Herbalife selling a pyramid scheme?
A decision handed down by US federal regulators on Friday evening was meant to answer the question and end a long-running brawl between some of the biggest names in global finance, like George Soros.
But one of the key protagonists, Sydney fund manager John Hempton, said the outcome is not so clear.
Days after the US Federal Trade Commission handed down its decision, both sides are claiming victory.
It is no small matter for billionaire activist investor Bill Ackman who bet as much as $US1 billion that the stock would be rendered worthless by an FTC verdict supporting his view that it is a pyramid scheme.
Bronte Capital's Hempton has been going toe to toe with Ackman over the years, arguing that Herbalife – which has operations in Australia and is a sponsor of Tony Shepherd's Western Sydney Wanderers FC – is a legitimate business.
