SoFi has 16 million members, more than $45 billion of deposits, and revenue growing around 30%. It is also the biggest dog in Shay's portfolio this year. His read is that the company is being valued like a tech company but still trades like a lender, so the stock moves day to day with rates, credit concerns and lending sentiment. This week the Fed raised rates for the first time in three years.

This is the first guest episode. Tannor Manson of Future Investing has followed SoFi for years, recently talked to CEO Anthony Noto, and has argued about the stock with Brad in the same group chat for five years. The question the episode keeps coming back to is whether the market is right to treat SoFi like a bank when the business is way broader than that.

They get into the everything app and the vertical integration behind it, why Brad says SoFi wins because it operates with less money than everyone else, the loan platform business, 90-day delinquencies at 0.40%, what a rate hike does to a bank that pays real interest on savings, what went wrong with Galileo, the capital raises, fair value accounting, and what each of them watches in the Q3 print.

All three are bullish. Brad says buying SoFi right now is like buying AMD or NVIDIA at the depths of a cycle, with most of the bad news priced in. Tannor calls the company a compulsive sandbagger that still guides to 30% revenue growth and 40% EPS growth over the next three years. Shay is down 20% on his position and still holds it, because the market is not crediting SoFi for making the same customer more valuable over time.

Tannor is @futurenvesting on YouTube and X. Tell the guys which stock deserves the next deep dive.

Watch the full episode with chapters on YouTube: https://youtu.be/CaH-bTm1ep8

New episodes every Monday on The Deep End.

Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns SoFi at a loss this year. Brad's general view is bullish. Tannor said on the show that SoFi is one of his larger positions.