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  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "pageNumber": 108,
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  "notes": "The slide uses red boxes and arrows to highlight the increase in 'Total Net Sales' weighting from 17.5% in 2018 to 40% in 2023.",
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      "kind": "callout",
      "text": "We believe greater emphasis could signal client retention challenges",
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      "text": "Total Net Sales: 40%",
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      "text": "MSCI links both long and short-term executive compensation heavily towards Adjusted EPS, which we believe could be manipulated by management. Furthermore, in the past few years, the Board has weighted Total Net Sales (formerly referred to as Net New Sales) more heavily. We believe this has a signaling effect that the Company sees sales growth and client retention as a challenge.",
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      "text": "Source: 2023 and 2018 Proxy Statement",
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      "text": "2018 Short-Term Cash Incentive Goals table",
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