As I laid out in a prior article, I am long-term bullish on BofI Holdings (BOFI). The company is a thrift with only one office located in San Diego. Its business model is pretty unique in that it is primarily focused on attracting deposits and making loans through an electronic distribution system. This allows for the company to have some of the highest margins in the industry:
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BOFI thus realizes high returns on shareholder equity without taking on too much leverage or credit risk:
Furthermore, because BOFI is still pretty small at $2.9B in assets, it has a long growth runway that will allow it...