MSCI is a very high-quality, founder-led business, but its 10% post-earnings drop warrants only a small buy as its extreme 2019-Covid multiple keeps normalizing. The business has done well, and Henry Fernandez bought about $2.25M of shares at roughly today's price. MSCI may not stay the dominant benchmark for decades, since fund managers can design their own; its main edge was being first to gain traction with international benchmarks. x.com  x.com 

MSCI's stock is pressing its roughly $650 2021 high after years of higher lows, a long base that sets up a durable uptrend. Each pullback since 2022 has stopped higher, signaling sellers are running out. A decisive breakout on strong volume would confirm the business story. MSCI collects a fee as passive funds grew from 1% of US equity fund assets in 1993 to over 50% in 2024, index retention has stayed above 93% for 16 quarters, and it has grown from a $1 billion index firm into four businesses. … Show more

Costco, Apple, Intuitive Surgical, Alphabet and MSCI are amazing companies priced too high for their growth. Costco trades at 46x earnings on high-single-digit growth, Apple at 32x forward on low-double-digit EPS growth, and Intuitive Surgical at 38x forward on low-teens growth. Alphabet, the most attractive, is 33x operating income excluding investment gains. MSCI is 34x trailing on low-double-digit growth; S&P Global is better, cheaper and extremely high quality with similar growth. x.com  … Show more

MSCI trades at one of its lowest valuations ever, even though its fundamentals keep compounding while the stock has been flat for years. Its index business, which takes a percentage of AUM from ETFs that track its lists, is capital light, high margin and recurring, with high switching costs; so much of Wall Street runs on MSCI indices that they are nearly impossible to rip out. x.com 

Celsius has seen a lot of recent insider buying, and insider buys lately have tended to age very well and quickly, with The Trade Desk the main exception. Intel is a recent example: per @wallstengine, CEO Lip-Bu Tan bought about $10M of Intel stock at $95 a share. x.com 

Up to $13.4B of green-shoe shares that underwriters can sell over the next 30 days is a wrinkle against SpaceX's index-driven buying. Russell confirmed SpaceX joins its indexes on June 26, which should drive nearly $3B of passive inflows plus buying from closet indexers, with MSCI and Nasdaq-100 additions to follow. The listing also put another player in the AI capex race: SpaceX says it will need to spend hundreds of billions of dollars to reach its goals. x.com