MSCI Inc. (MSCI)

(Note the short timeframe.)  Q2 guidance was not as spectacular as current earnings, and the market punishes that. Doesn't change the fundamentals. Earnings and FCF are still good.

They have good gross margins and enjoy an oligopoly. They moved into real estate and alternative assets, too. They continue to do well. People have to use their indexes. It continues to grow. 

Main provider of international-focused indices, which they license out. Very high margins and strong free cashflows. Benefiting as investors increasingly look outside US for market exposure. 

Shares sold off on its being a data-services company, plus worries that active managers are in trouble from passive investing. Demonstrated ability to pivot. Big presence in ETF market. Shares trading more cheaply than they have for a while. Yield is 1.40%.

Great business, continues to grow. Diversifying outside traditional indexes into alternative asset classes. Lots of portfolio risk-management products.

Has 30k+ different indices. Used (and fees paid) by banks, asset managers, hedge fund managers. Will benefit from more ETFs created for international markets and stocks. Margins are near 100%, as they just reorganize data. AI-proof. Owns the data, which can't be replicated. Getting into ESG, climate, and more. 

Valuation not cheap, but one of the top 5 world businesses we've ever seen. 95% recurring revenue. Bought back 5% of shares last year, as they'd underperformed for a couple of years. Yield is 1.33%.

SPGI and MSCI provide data to stock markets, which is a good business: recurring revenue, high-return on capital, consistent and they supply a volume of data. Doesn't like TRI.

(Note the shorter timeframe.)  Has moved sideways, but should do much better over the next year or two. Still a great business in an oligopoly of three.

MSCI continues to innovate. Has gross margins of 75%. Enjoys an oligopoly in financial data, which will always be in demand by asset managers.

Still loves it. Highly necessary products. Licensing fees go up every year. Next leg up for growth would be benchmarks for private equity, and they're working on it. Strength of international markets this year should give them an excellent year.

Solutions and data analytics for the investment management industry. Benchmark indexes, performance measurement, risk management (especially important with all this volatility). Very good numbers today, good growth of almost 10%. Huge growth potential in alternative asset classes. Gross margins down slightly. 95% customer retention rate. Only 3 players in the space. Yield is 1.36%.