I have been a fan of BofI Holding (NASDAQ:BOFI), the holding company for BofI Federal Bank, for some time. The basic long-term investment thesis is as follows: Internet banking is rapidly gaining acceptance among customers and the low overhead required by an internet-based banking model will allow successful operators to earn abnormally high returns on capital relative to their stodgier banking peers. That story is still intact, and I'm bullish on Internet banking in general. But with the recent release of BOFI's quarterly results, the company has clearly shown that it is the premier operator in the space. The main argument in this article is that despite the recent run-up in price and apparent valuation premium, the company...
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