<p>More than a year has passed since our last look at MSCI. During this time, the company had the opportunity to fully integrate RiskMetrics. MSCI also saw its share price drop to as low as $30 and rebound to roughly the same level as during our last update, before losing a quarter of its value in early October 2012 on news of Vanguard dropping the usage of MSCI indices in its funds, only to come back up to $31 per share.</p>
<p>Our valuation model suggests that the market reaction to negative Vanguard news was exaggerated and that currently MSCI is valued fairly.</p>
