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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": "The slide uses a table-like structure to compare SEC filings across three years, contrasting the low reported employee count with the footnote disclosure of 600 total ESG employees.",
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      "kind": "callout",
      "text": "MSCI's SEC Form ADV 2A references that it has just 84 employees but through its foreign affiliates “leveraged” 600 ESG employees including ~250 analysts and researchers. How are these costs allocated to ESG?",
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      "text": "(1) Through its foreign affiliates, MSCI ESG Research leverages a total of approximately 600 ESG employees including approximately 250 analysts and researchers.",
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      "text": "Comparison of SEC Form ADV 2A filings from 2021, 2022, and 2023 showing employee counts.",
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      "kind": "title",
      "text": "How Does MSCI Account For Analyst And Researcher Costs Within ESG?",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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