GARP (Growth at Reasonable Price) investors look for a lower P/B ratio as that tends to indicate greater value. Companies with a P/B ratio that is below the average for the industry are especially prized by GARP investors since it indicates a larger potential for profit when the market corrects itself and values the stock properly.
Source: http://www.investorguide.com/igu-article-976-stock-strategies-understanding-garp-stock-investing-strategy.html
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