Why we finally put a ring on MSCI.

0:00: Introduction 1:17: Barry talks about his trip to Calgary to visit clients. 3:25: A quick review of the markets in May and a preview of upcoming rate cuts in Canada 5:55: An update on our Costco thesis 8:40: reasons for strong e-commerce sales at Costco 10:33: Ernest’s experience buying a washing machine at Costco. 12:01: The trust that people have in Costco. 14:21: Costco adding value to its membership offering. 16:40: Is Costco’s valuation really that expensive? 18:15: Costco’s beautiful balance sheet 20:40: Costco treats its employees well which leads to happy customers. 21:22: Costco’s untapped pricing and potential store runway 24:07: Feature discussion on MSCI Inc. 25:35: Why we finally bought MSCI after watching it for over 5 years 27:55: quick primer of MSCI’s Index business. 29:00: Why MSCI is a great business. 31:42: MSCI benefits from the launch of new investment products 34:05: Why it is near impossible to switch your benchmark 35:00: Reason for the recent pullback 36:00: MSCI’s ESG business 39:40: MSCI’s capital allocation MSCI is a provider of indexes and data for asset managers and, in our opinion, a high-quality business. Barry and Ernest provide the reasons for the purchase and their outlook for the company going forward. Plus, Barry and Ernest, have an update on our thesis of everyone’s favourite retailer, Costco.