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  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "Uses direct quotes from SEC filings to demonstrate the potential for accounting manipulation.",
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      "text": "Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit.",
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      "text": "Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit. We observe that it can allocate costs by segment using a variety of different methods, without incurring “arm’s length” charges.",
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      "text": "Other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates, revenue, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of MSCI's business, certain costs incurred by one segment may benefit other segments. A segment may use the content and data produced by another segment without incurring an arm's-length intersegment charge. — MSCI SEC filings",
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      "text": "Source: MSCI SEC filings",
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      "text": "Segment Reporting Can Be Easily Manipulated",
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