Asset-light
Fundamental analysisA business model requiring little fixed capital to grow.
In plain terms
High returns on a small balance sheet, and a book value that tells you almost nothing about what the business is worth.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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P/B ratio
Fundamental analysisPrice divided by book value per share.
In plain terms
Essential for banks. Nearly meaningless for asset-light businesses whose real assets are people.