Our favorite value play over the past year or so has now graduated to "Momentum Stock" status. First Internet Bank (INBK) which was trading below book value just about 6 months ago is now trading about 2 times book. It appears that our original darling in the internet banking space (BOFI) has stalled and hot money is rolling over to (INBK). I am now completely out of (INBK) at this point. This is exactly the same thing I did with (BOFI) and it continued on to huge gains and I vowed not to do it again. However this time my business partner still has a nice batch of (INBK) shares so the stock, which is now up about 133% in 6 months, may continue to benefit at least one of us.
Senior Manager, Paul Saad and Associates, LLC