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  "documentTitle": "SoFi Technologies (SOFI)",
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  "presentationDate": "2026-03-22 00:00:00",
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  "notes": "References 'old cockroach theorem' as a heuristic for identifying further misconduct.",
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      "text": "Should we be correct that SOFI's balance sheet excludes the $312 million of borrowings, which would likely have resulted from intentional management misconduct, it is entirely possible that Deloitte will resign as auditor while stating that SOFI's prior financials cannot be relied upon.",
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      "text": "More importantly, if we are correct about the unrecorded debt, as the old cockroach theorem provides, one should assume there are more issues of improper conduct. Our own experience, most notably with NMC Health plc, supports that view.",
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      "text": "agreements underpinning the LPB, including horizontal risk retention, it could face ramifications for not mandating adequate disclosure or identifying these transactions as critical audit matters. If Deloitte was not aware, Deloitte could require SOFI to restate its financials. Should we be correct that SOFI's balance sheet excludes the $312 million of borrowings, which would likely have resulted from intentional management misconduct, it is entirely possible that Deloitte will resign as auditor while stating that SOFI's prior financials cannot be relied upon.",
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