{
  "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": 81,
  "pageCount": 123,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The table lists 12 M&A transactions from 2016 to 2023, showing target/acquiror, date, description, and available financial metrics.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/81",
  "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-81",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "While valuation data points for private asset analytics and technology companies are somewhat limited, there is ample evidence of increased M&A activity in the sector with large players like Nasdaq, JPMorgan, FactSet and S&P Global doing deals.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be27-4d5de76be494",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / Est. Sales: 10.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be27-53b3e68c9dba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "While valuation data points for private asset analytics and technology companies are somewhat limited, there is ample evidence of increased M&A activity in the sector with large players like Nasdaq, JPMorgan, FactSet and S&P Global doing deals.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d96e496d-3d9a-4d51-a63d-c5d095da0042",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.96,
        "x": 0.02,
        "y": 0.25
      },
      "kind": "table",
      "text": "Precedent M&A Transactions In Private Asset Market Analytics Data and Analytics ($mm)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3a5d40c-dd87-4820-90bf-c9bafbcec045",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "We Believe MSCI Is Outmatched By Deep Pocketed Players In Private Assets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d7c5f4b-deca-499c-a20e-68858e3ec819",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: Precedent transactions",
      "slug": "precedent-transactions",
      "agent": "architect",
      "layer": "slide",
      "matchId": "1b4b9180-48a3-46d9-ab8d-1fe655c1e1da",
      "evidence": "Precedent M&A Transactions In Private Asset Market Analytics Data and Analytics ($mm)",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "precedent_table",
      "slug": null,
      "matchId": "0fb3292d-3940-464e-b4a8-71c749b634a1",
      "evidence": "The slide presents a structured list of historical M&A transactions to support a competitive thesis.",
      "confidence": 1
    }
  ],
  "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": 118,
      "from": 40,
      "beatId": "0d440955-7c20-44ed-b046-f214de5e9eb4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The document anticipates and counters potential rebuttals to its arguments.",
      "position": 2,
      "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": 90,
      "from": 40,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "fd855c1c-6a52-4469-90e9-b5cd9582ce36",
      "evidence": "The document presents evidence to support its hypothesis about MSCI's condition.",
      "position": 2,
      "objective": "Test the hypothesis that MSCI's financials and business are deteriorating",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}