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  "documentTitle": "MSCI Inc. (MSCI)",
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      "kind": "callout",
      "text": "Real Capital Analytics Deal Looks Like A Bust With Evidence of Problematic Accounting",
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      "text": "Needing A Growth Spark, MSCI Has Exhibited An Alarming Pattern of Nepotism-Like Acquisitions and Alliances With MSCI / Morgan Stanley Alums",
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      "text": "We term this nepotism-like dealing and there are many recent examples.",
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      "text": "MSCI was formerly Morgan Stanley Capital International... MSCI paid 10x and 68x sales and EBITDA for Burgiss... MSCI acquired Fabric for an undisclosed amount.",
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      "text": "MSCI's acquisition of Real Capital Analytics (\"RCA\") in 2021 for $949 million was richly valued at ~13x and 48x run-rate revenue and EBITDA... MSCI's 2021 Critical Audit Matter expressed concern about both the intangible asset accounting.",
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      "text": "\"It was pretty disorganized. It was like a dumpster fire. There were a lot of mismanaged accounts. I don't think they did enough due diligence, like on their run rate, and what they are producing.\" — A former executive close to the situation",
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