$SOFI — everyone is still arguing about this like it's 2022. they're not paying attention to what the balance sheet looks like now.

Short twitter has been wrong on sofi for three years running. same talking points recycled forever. "subprime lender", "student loan exposure", "the bank charter won't help", "they're just a marketing company". cool. thanks. the stock doesn't care.

What actually happened. sofi stopped being a monoline student lender and became a diversified consumer bank with a real tech platform underneath. galileo + technisys is actually a b2b infrastructure business — it's banking-as-a-service for fintechs and banks who don't want to build their own core. that's a structurally different business than people keep modeling.

Deposit growth keeps compounding. cost of funds keeps dropping because people actually leave money there. the loan book has shifted away from unsecured personal loans. credit metrics are fine, not great, not disastrous — boring normal bank stuff.

Consensus pe and p/b models don't capture the technology platform's standalone value. you're basically getting the platform business for free at current multiples.

Bears keep screaming about loan losses that never materialize the way they want. meanwhile the deposit growth, the platform scale-up, and the student loan refi tailwind are all happening at the same time. you can either listen to the same five permabears on twitter or you can read the 10-Q.