In nascent markets with winner-take-most dynamics, it’s particularly hard to know in the moment whether or not a company’s investments will ultimately add shareholder value.  You’ll know when you get there but getting there means engaging in what looks like and very well may be, a reckless race to the bottom.  But, to abstain while competitors spend gobs of […]

The basic moatiness of V/MA has been tirelessly discussed for years and is well understood, so I’ll try not to belabor the point and focus instead on some less frequently explored angles.  But I do need to establish a common denominator, starting with the 4-party model….apologies if you know all this, I’ll be quick about […]

[SPGI – S&P Global, MSCI – MSCI Inc.] New indices are created every day as passive strategies flourish and investors invent ways to track exposures across asset classes, geographies, sectors, and market caps.  They are stamped with the imprimatur of a well-known provider, validated with fresh pools of capital, and before long, become indispensable benchmarks or […]