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  "documentTitle": "MSCI Inc. (MSCI)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "The slide argues that the 20-year assumption is aggressive and provides a pro-forma adjustment to show the impact on net income.",
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      "text": "Spruce Point does not believe that MSCI's 20-year customer life assumption for Real Capital Analytics customers is credible or supported by recent client losses or industry peer assumptions. Based on a more realistic 7-year assumption, we estimate GAAP earnings would be reduced by approximately 1.5%.",
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      "text": "Spruce Point does not believe that MSCI's 20-year customer life assumption for Real Capital Analytics customers is credible or supported by recent client losses or industry peer assumptions.",
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      "text": "GAAP Net Income: -1.5%",
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      "text": "Source: MSCI SEC filings disclose $175.8 million of RCA customer relationship assets\n1) RCA closed Sept 13, 2021 and year captures 30% of annual expense",
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      "text": "Pro Forma Adjusted GAAP Earnings",
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