Well, Henry, really a big thanks for taking the time to talk with us today.

It's a real pleasure having you on.

Thanks for having me.

When you established MSCI, indexing was a sleepy industry,

and your company was valued at $20 million.

Today, you are one of the world's largest providers of indices and valued at more than $40 billion.

So incredibly, incredibly impressive. And you're kind of the central connecting dot for global

investment industry. So really interesting to talk to you. But let's just start

with the very basics, because it's not so obvious to understand how you make money. So, first

of all, what's an index? So basically, an index is a collection or a basket of securities

that represent a particular market.

You know, that market can be Norway, can be Europe, can be the world, can be

emerging markets.

And the way we look at each security, the weight or the percentage of that security is

measured depending on its full market

capitalization with certain adjustments like float and the like.

So that's what these indices are all about.

We applied a couple of filters for investability and float and foreign ownership.

You know, there's some companies that have limitations on foreign ownership

and other companies that have a lot of securities, but, you know, they don't trade.

So we apply certain liquidity and investability filters, as we call them,

but that's what indices are all about.

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