Yes, folks, I have read through the entire 350+ plus slide presentation given on Herbalife ( NYSE: HLF ) by Bill Ackman at a special Ira Sohn conference yesterday that has caused a 20%+ drop in the stock over the last 2 days. Let me provide some (much briefer) thoughts. First, Bill Ackman is a hedge fund manager, the founder of Pershing Square Capital. He has disclosed that he holds a short position in Herbalife of over 20 million shares (18% of the float), according to him over $1 billion in value. So this is a BIG bet. There are a few themes in the presentation. The first and most important is that Ackman believes Herbalife is a "pyramid scheme". The primary argument is that Herbalife distributors make substantially more compensation from recruiting than on retail margin, contrary to the company's claims and running it afoul of the FTC's definition of a pyramid scheme.