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  "documentTitle": "MSCI Inc. (MSCI)",
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  "notes": "Uses a red '??' callout to highlight the missing disclosure of Qontigo in the Index segment, despite Qontigo's active presence there.",
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      "kind": "callout",
      "text": "MSCI may be understating the increased pressures in the index business, notably from Qontigo which has integrated and merged various offerings under Deutsche Börse...",
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      "text": "MSCI may be understating the increased pressures in the index business, notably from Qontigo which has integrated and merged various offerings under Deutsche Börse and was launched in 2019 with backing from private equity powerhouse General Atlantic's $720 million investment.",
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      "text": "Sources: 2022 10-K and Qontigo website...",
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      "text": "We Believe MSCI Understates Growing Pressure From Qontigo Across Segments",
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