Everybody will do their own thing. I was starting to buy back into BOFI but ran into this article on Seeking Alpha.…

It documents how BOFI, in the transcript of the conference call that they submitted to the SEC, doctored what they had actually said in the call, to make it as if they hadn’t denied some of the things that they did deny. Now, sure this is an article by a short. But for BOFI to do something like that which is so easily checked, so incredibly easily checked, is just plain stupid. The actual call is out there, several transcripts by different services are out there. What the heck are they thinking. It probably isn’t important, and it may have little effect on the future of the company, BUT, I decided I really didn’t need any more of this stuff. Maybe it’s just me.



Saul, I am certainly not trying to defend BOFI, but in any real journalistic sense the author of this article should have included research into other companies making similar changes in their official filings. Since the author didn’t I am left to wonder if this is not standard procedure for a lot of companies. I have never bothered to check, I have never looked for any transcript filings, just relying on what is on the general news service sites.
Has anyone ever looked at these filings to see if they match up exactly?
Just curious.

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The 8K clearly states under Item 7.01:

The attached transcript is a textual reproduction of the conference call and there may be minor omissions or discrepancies. An audio broadcast of the conference call is also available until Thursday, December 31, 2015, at the Company’s website and telephonically by dialing toll-free number 888-203-1112, passcode 4259184

Doesn’t look to me like they are trying to hide it.


Hi Saul,

With all due respect, isn’t a newly published article regarding a business update from two weeks ago “old news”? I also find it interesting that this article was published on the very day BOFI announces earnings and holds their cc. Clearly intended to thwart any kind of momentum that an excellent quarter might generate and cast doubt on anything that is said. Just saying.



Not just you Saul - I lost confidence in Garrabrants some time ago. The guy’s arrogant - One of those people who believes he can do nothing wrong, no matter how screwy he behaves. This guy has no business running a major business. You gotta stop and wonder sometimes how folks like that rise in the business world, but they do all too often. There’s at least one of them running for president right now - Oops too political I suppose. But I didn’t really mean it as a political statement, just an example of how some folks who are really quite unfit for a leadership role seem to bluff and bluster their way into one.


Not just you Saul - I lost confidence in Garrabrants some time ago. The guy’s arrogant - One of those people who believes he can do nothing wrong, no matter how screwy he behaves.

It’s funny, you almost have to be arrogant to think you can do the impossible. I have no belief that I could run a company or invent and awesome product, therefore I cannot. As Henry Ford said, “whether you think you can or think you can’t, you’re right”. You think Steve Jobs was not arrogant? (I think Bill Gates was not). You think a young Barak Obama was not arrogant thinking he could become President with almost no experience? The Clintons said “wait your turn”, but he refused.

That said, the transcript thing crossed the line for me. I don’t care if other people have done it, it is very stupid to lie and think you can get away with it. Think about it, if they had hired “Siri” or a high school graduate to write the transcript, it would have been accurate. The fact that it is not points to conspiracy or gross negligence. Either way, hard to defend. Think about it, Saul has discovered great growth companies for years, why take another chance on BOFI.