Buy MSCI by Feb 18, 2026.

MSCI looks like a pretty good business. 57% of revenue and 70% of operating income comes from the index business, where they get paid by customers and ETF managers for making up an index. They get paid as a fraction of AUM of the funds using their indices, so they are incentivized to create attractive indices. I think the risks of competition in indices are incredibly low, and there’s a big moat around indices. There are huge network effects in …