Sahm Adrangi VIC Idea: Short Bank Of Internet (BOFI)VW Staff
Sahm Adrangi is the managing partner of a New York-based fundamentally-oriented investment manager that manages close to $300 million and focuses on long-term value investments and event-driven special situations. Kerrisdale actively shares its investment ideas with the broader investment community through its own website and third party websites.
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Sahm Adrangi spoke at the 9th Annual Value Investing Congress, also see Kerrisdale Capital delivers in February, sticks with Herbalife Ltd. (NYSE:HLF). Below are notes from his presentation.
Highlights from Sahm Adrangi's presentation
Short idea: Bank of Internet, BofI Holding, Inc. (NASDAQ:BOFI)
Branchless online bank
$3.6 billion total assets $312m tbv $47M net income
Stock trades at 4x tangible book and 26x p/e
Thesis: net interest margin is not sustainable. Most expensive public bank in U.S., new competition, largest negative interest gap, loan portfolio is going to roll into lower yield
It was his top 5 long position in 2009-10. Now it's his largest short position