asset-light
We tested the asset-light composite score across 13 exchanges over 25 years. The light-heavy spread was positive on all 13 markets, ranging from +0.82% (Taiwan) to +16.22% (US). Capital efficiency separates winners from losers globally.
asset-light
We tested the asset-light composite score on Chinese A-shares (SHH + SHZ) over 25 years. Asset-light returned 3.17% vs -1.29% for asset-heavy: a 4.46% spread. SOE dynamics and the 2021 tech crackdown complicate the picture.
asset-light
We tested the asset-light composite score on Indian stocks (BSE + NSE) over 25 years. Asset-light returned 5.39% annually vs 1.60% for asset-heavy: a 3.79% spread. Smaller than the US, and India's capex-led growth cycle creates a headwind.
asset-light
We scored US stocks on asset turnover, capex intensity, and gross margin over 25 years. Asset-light companies (top 20%) returned 2.82% annually. Asset-heavy (bottom 20%) returned -13.40%. The 16% annual spread is consistent across every decade, but the signal works better as a filter than a...