Hedge fund manager Bill Ackman, who runs Pershing Square, gave another massive slide-presentation attacking Herbalife.

Late last year, Ackman gave a 342-slide presentation on why he thinks the nutritional supplement seller will go to $0.

Ackman believes Herbalife is a "pyramid scheme" that targets lower income people, particularly from the Hispanic population.

Since Ackman declared his short, shares of Herbalife have skyrocketed. They have risen more than 68% since he publicly confirmed his short.

What's more is a number of hedge fund managers have piled on by going long the stock. Those who are long include George Soros, Richard Perry, Stanley Druckenmiller, and Ackman's rival Carl Icahn. Daniel Loeb was long for a few weeks in the first quarter, but sold his stake for a profit. Icahn has said he believes Ackman will be the victim of the "mother of all short squeezes."

A month ago, Ackman's Pershing Square said it repositioned the $1 billion short by swapping more than 40% of the equity short position in Herbalife for put options in an effort to reduce risk.

Even after losing about $500 million in mark-to-market losses, Ackman has remained confident in his short thesis. He has said he will take his Herbalife short bet to "the end of the earth."

We have included his slide-deck from last week's Robin Hood Investors Conference. The stock rose as Ackman gave his takedown.

Please note that Ackman's slides include a bunch of video clips. You can watch them here.