MSCI Inc.

“MSCI is a structural toll-booth on global capital markets with 94% revenue retention, 57%+ EBITDA margins, and a moat that widens as passive investing grows — but at 33x trailing earnings and ~$588/share, it prices in near-perfection with ~10% expected annualized returns and minimal margin of safety; the right action is to track for a 20-25% pullback to the $450-475 range where the risk/reward becomes genuinely compelling.”