If you look at the great frauds of all time, Enron had that phantom trading floor. What Herbalife has is it has phantom or fictitious customers.
Bill AckmanI think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.
Bill AckmanI'm not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making - just the facts.
Bill Ackman