{
  "docId": "019dd923-622c-750b-8b99-781d6376c0a8",
  "docSlug": "9250edf61831",
  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 39,
  "pageCount": 123,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "Uses red arrows to visually link expert commentary about commoditization to the specific legacy acquisitions in the table.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/39",
  "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-39",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "MSCI's Analytics was built with acquisitions dating 15 – 20 years ago and are still anchored by RiskMetrics and Barra solutions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be22-80f017a9d2a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.03,
        "y": 0.45
      },
      "kind": "list",
      "text": "Former Competitor Thinks MSCI's Risk Models Are Becoming Commoditized. Thinks FDS hasn't taken many big bets or really captured anything for alternative assets. In the expert's opinion, MSCI provides a standard equity risk model, which probably has been commoditized a bit",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19402530-a4cd-4dd5-89ea-83ac2b5a0648",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "MSCI's Analytics was built with acquisitions dating 15 – 20 years ago and are still anchored by RiskMetrics and Barra solutions. Furthermore, even these acquired companies' core methods were developed decades earlier. Not surprisingly, a recent industry expert interview opined that MSCI's models are becoming commoditized.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "adb2653a-03dd-4a04-926a-28fa1451f76a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In the expert's opinion, MSCI provides a standard equity risk model, which probably has been commoditized a bit — AlphaSense Market Intelligence",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be22-85ccfbc783bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.39,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: MSCI press releases and SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71007d8e-8585-40c7-a4ec-57ab58fad08f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: AlphaSense Market Intelligence",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2a5bf8c-dac3-4554-b016-e7509fd5a8b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.59,
        "x": 0.39,
        "y": 0.32
      },
      "kind": "table",
      "text": "MSCI's Acquisitions In Portfolio And Risk Analytics",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24743b60-6c7d-4e78-a81e-13f916e08dc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "MSCI's Portfolio And Risk Analytics Solutions Are Extremely Dated",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "849e0378-d248-4cc0-abb6-22d9e6309385",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "a10d85a8-032e-468b-b7bb-54a258e416e1",
      "evidence": "Links expert opinion on commoditization to specific legacy acquisition dates.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 123,
      "from": 8,
      "beatId": "d662b123-aabd-40a9-9b1e-07f3af79864c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Most slides aim to reveal contradictions or issues with MSCI's reporting, strategy, or performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 76,
      "from": 4,
      "beatId": "5c97492b-d3b4-46d9-8bf6-e685ece94ea2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Cite Precedent",
      "beatSlug": null,
      "evidence": "Spruce Point cites its track record and various precedents to support its claims.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 123,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "96af0651-6de6-4b30-ba3b-77cee8001437",
      "evidence": "The loop is implicit, as the document builds a case for selling MSCI shares.",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors not selling MSCI shares",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 66,
      "from": 14,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "135dbc3a-3938-4134-b2a9-cd049699de43",
      "evidence": "The document uncovers potential issues beneath the surface of MSCI's deals.",
      "position": 1,
      "objective": "Reveal hidden issues with MSCI's acquisitions and alliances",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}