ght on Nu Skin Enterprises (NUS) that allowed you to have such an improved view relative to all the bulls? MC: I have no thought or position on Herbalife, but multi -level marketing (MLM) businesses are very dangerous structures. It's a model where, when things are good, they get better, and when

Q2 adjusted eps & sales beat estimates - full year eps view reaffirmed Humana now sees FY eps $6.90-$7.10 (down from previous forecast $7.38-$7.58) Herbalife raises year views & sets new $1B buyback ($500M loan inc to credit Chrysler reports strong growth in sales & profits and reits forecast (yesterday

e S.E.C. announced that it was dismissing an insider trading claim against a man the S.E.C. alleged had traded on a tip that Bill Ackman would short Herbalife's stock. S.E.C. v. Peixoto, Ad. Pro. No. 3-16184 (filed Sept. 30, 2014). Although the S.E.C. claimed the dismissal was due to the unavailability of

titive advantage over its current and future competitors. (I wrote about this topic in my July 2013 letter and used the Partnership's investment in Herbalife as an example.) With our framework in hand, we consider the long term prospects for the business and compare the prospects to the price. We are loo