{
  "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": 91,
  "pageCount": 123,
  "prevPage": 90,
  "nextPage": 92,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses red callout boxes to highlight specific problematic phrasing in the definitions.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/91",
  "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-91",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.38,
        "x": 0.58,
        "y": 0.46
      },
      "kind": "callout",
      "text": "Defining \"client\" by referencing related clients is a poor definition",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b07ea2f-f6f3-4ee6-a290-d73a51e7d85d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.42,
        "x": 0.54,
        "y": 0.84
      },
      "kind": "callout",
      "text": "What is meant by shipping address? MSCI has no physical product to ship!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91980eac-7f5e-4c87-a905-3e47c4eba1fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point observes that MSCI has made multiple changes to its definition of a client. Oddly enough, a revision was made in the recent 2022 10-K, only to be switched back to an earlier version which defines a client, by referencing the word client.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cf0ef0d-5866-461f-8dfb-8efea3e4446f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: MSCI SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10e381f2-8343-4f65-9cb3-6fdb790d5087",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "table",
      "text": "Comparison of client definitions across different reporting periods.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00d6e575-8e03-422d-ab39-f0f3d938030c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Red Flag: Multiple Revisions To Definition of A Client",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e69b5494-9cef-431d-8a45-7df600f7b6db",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3f47bbc1-beb1-4b7e-a994-10fc5b8135b7",
      "evidence": "Highlights inconsistencies in financial reporting definitions to suggest manipulation.",
      "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": 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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}