Activist investor Bill Ackman, the CEO of Pershing Square Capital Management, gave an epic presentation on his latest short — Herbalife.
Ackman, who has an "enormous" short position, believes the multi-level marketing company that sells weight management and nutritional supplements is a pyramid scheme.  
He also has a price target of $0 and believes the company is going to fail. 
The Pershing Square team spent the last year doing research on Herbalife.
It definitely shows because Pershing Square put together an extremely in-depth 342-slide presentation. The presentation was given at a special Sohn Conference event in Midtown Manhattan today and it lasted for three hours.
Following the news that Ackman was short, shares of Herbalife fell $5.16, or 12.14%, to close at $37.34 a share yesterday. That was before he gave he thesis.  
After his presentation today, the stock fell $3.64, or 9.75%, to close at $33.70 a share.
We've included Ackman's tremendous presentation in the slides that follow. (Note: The video clips do not play in this presentation)
Click here to see the presentation >