Subject: OT: AJG vs MSCI
Dealraker has mentioned insurance brokers are the best business because they are a crucial component of the industry but need little capital investment.

I think MSCI is similar. In the age of passive index and quant trading, MSCI basically have the products that will never be outdated. It’s even a better business than S&P global, because MSCI indices have more growth ahead and have higher margins. Barra risk models are also Essential because it’s an industry standard now to view risks using a standardized model. S&P on the other hand sell a lot of data that are less moaty and they had to reduce prices of their data every year.