Warren Buffett's Investment Strategies
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This assignment delves into the investment philosophies of Warren Buffett, widely considered one of the most successful investors. It analyzes his key points regarding investments, such as avoiding cash as a long-term strategy, understanding the businesses in which you invest, and trusting your own judgment while mitigating greed and fear. The document also draws upon YouTube interviews with Warren Buffett to provide insights into his approach.
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Running head: GROUP ASSIGNMENT 1
Group Assignment
Student’s Name
Institution
Date
Group Assignment
Student’s Name
Institution
Date
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GROUP ASSIGNMENT 2
Financial Analysis of Gelato Industries
a) Gelato Industries financial ratios for 2015 and 2014
Industry
average
2015 2014
Current ratio 2 80,600/89700= 0.90 63,125/34375 = 1.84
Quick ratio 0.8 (80,600-59,150)/
89700= 0.24
(63,125-36,250)/34375
= 0.78
Average
collection period
37 days 365/(240,000/20,800)=
31.63 days
365/(112,500/15,625)=
50.69 days
Inventory
turnover
2.5 240,000/59,150= 4.06 112,500/36,250= 3.10
Debt ratio 58% 119,535/195,000= 0.61 70,313/140,625= 0.50
Interest
coverage ratio
3.8 42,000/9,094= 4.62 18,000/5,719= 3.15
Operating profit
margin
10.00% 42,000/240,000= 0.18 18,000/112,500= 0.16
Total asset
turnover
1.14 240,000/195,000= 1.23 112,500/140,625= 0.80
Fixed asset
turnover
1.4 240,000/114,400= 2.10 112,500/77,500= 1.45
Return on assets 11.40% 42,000/195,000*100%=
21.54%
18,000/140,625*100%=
12.80%
Return on equity 9.50% 42,000/75,465*100%=
55.65%
18,000/70,312*100%=
25.60%
b) Gelato’s financial position as at 2014
In evaluating an organization’s financial position, liquidity, profitability, asset
management efficiency and capital structure ratios are very useful (Akhtar, 2014). These
would assist in comparing current financial performance of the company and enhance easier
analysis of its efficacy and risk.
Liquidity Analysis
This analysis entails assessment of an organization capacity to settle all its short-term
financial needs (Sharma & Sharma, 2014). The key ratios that are used in measuring Gelato
Industries liquidity level include current and quick ratios.
Current ratio
Financial Analysis of Gelato Industries
a) Gelato Industries financial ratios for 2015 and 2014
Industry
average
2015 2014
Current ratio 2 80,600/89700= 0.90 63,125/34375 = 1.84
Quick ratio 0.8 (80,600-59,150)/
89700= 0.24
(63,125-36,250)/34375
= 0.78
Average
collection period
37 days 365/(240,000/20,800)=
31.63 days
365/(112,500/15,625)=
50.69 days
Inventory
turnover
2.5 240,000/59,150= 4.06 112,500/36,250= 3.10
Debt ratio 58% 119,535/195,000= 0.61 70,313/140,625= 0.50
Interest
coverage ratio
3.8 42,000/9,094= 4.62 18,000/5,719= 3.15
Operating profit
margin
10.00% 42,000/240,000= 0.18 18,000/112,500= 0.16
Total asset
turnover
1.14 240,000/195,000= 1.23 112,500/140,625= 0.80
Fixed asset
turnover
1.4 240,000/114,400= 2.10 112,500/77,500= 1.45
Return on assets 11.40% 42,000/195,000*100%=
21.54%
18,000/140,625*100%=
12.80%
Return on equity 9.50% 42,000/75,465*100%=
55.65%
18,000/70,312*100%=
25.60%
b) Gelato’s financial position as at 2014
In evaluating an organization’s financial position, liquidity, profitability, asset
management efficiency and capital structure ratios are very useful (Akhtar, 2014). These
would assist in comparing current financial performance of the company and enhance easier
analysis of its efficacy and risk.
Liquidity Analysis
This analysis entails assessment of an organization capacity to settle all its short-term
financial needs (Sharma & Sharma, 2014). The key ratios that are used in measuring Gelato
Industries liquidity level include current and quick ratios.
Current ratio
GROUP ASSIGNMENT 3
This ratio is used in measuring an organization’s capacity in repaying all its short-
term debt obligations such as salaries payables and account payables (Sharma & Sharma,
2014). Here, a higher current ratio shows higher liquidity status of an organization while a
lower one shows less liquidity status. Based on the financial information of Gelato Industries,
it is evident that its current ratio for the financial year 2014 was 63,125/34375 = 1.84.
Quick ratio
The ratio is very significant in measuring an organization’s short term liquidity and in
measuring an organization’s capacity to settle its short-term debts using quick assets (Sharma
& Sharma, 2014). With these considerations, Gelato Industries quick ratio for the financial
year 2014 was (63,125-36,250)/34375 = 0.78.
On overall, based on the current and quick ratio for the year 2014, it is clear that
Gelato was financially liquid in that its current assets and quick ratio were relatively higher
indicating its capacity to settle its short-term debts.
Capital Structure Analysis
This analysis is used in assessing financial growth and health of an organization
(Akhtar, 2014). The analysis helps in measuring how an organization finances its operations
and growth through different sources of finances.
Debt ratio
This ratio shows financial leverage of an organization. It usually indicates percentage
of total assets that is financed by total liabilities (Arnold, 2011). Here, a higher debt ratio is
said to shows greater leverage and high financing risk. With these considerations, Gelato
Industries debt ratio for the financial year 2014 was70,313/140,625= 0.50.
Interest coverage
This ratio is used in measuring an organization’s capacity in repaying all its short-
term debt obligations such as salaries payables and account payables (Sharma & Sharma,
2014). Here, a higher current ratio shows higher liquidity status of an organization while a
lower one shows less liquidity status. Based on the financial information of Gelato Industries,
it is evident that its current ratio for the financial year 2014 was 63,125/34375 = 1.84.
Quick ratio
The ratio is very significant in measuring an organization’s short term liquidity and in
measuring an organization’s capacity to settle its short-term debts using quick assets (Sharma
& Sharma, 2014). With these considerations, Gelato Industries quick ratio for the financial
year 2014 was (63,125-36,250)/34375 = 0.78.
On overall, based on the current and quick ratio for the year 2014, it is clear that
Gelato was financially liquid in that its current assets and quick ratio were relatively higher
indicating its capacity to settle its short-term debts.
Capital Structure Analysis
This analysis is used in assessing financial growth and health of an organization
(Akhtar, 2014). The analysis helps in measuring how an organization finances its operations
and growth through different sources of finances.
Debt ratio
This ratio shows financial leverage of an organization. It usually indicates percentage
of total assets that is financed by total liabilities (Arnold, 2011). Here, a higher debt ratio is
said to shows greater leverage and high financing risk. With these considerations, Gelato
Industries debt ratio for the financial year 2014 was70,313/140,625= 0.50.
Interest coverage
GROUP ASSIGNMENT 4
This ratio helps in evaluating how easily a given firm could pay off its interest
expenses. It is computed by dividing operating profit (EBIT) by its interest expenses (Arnold,
2011). In essence, interest coverage helps in measuring number of times an organization
could settle its outstanding debts by using its net profit. With these considerations, Gelato
Industries interest coverage for the financial year 2014 was18,000/5,719= 3.15
On overall, given the fact that Gelato Industries’ debt ratio was relatively low, below
1, it can be stated that the company leverage is low and there is also low financing risk. On
the other hand, given that its interest coverage was relatively high it is clear that Gelato is
able to finance its interest expenses.
Profitability analysis
This analysis shows or indicates how an organization generates profits (AlEid, 2015).
In essence, profitability analysis entails utilization of profitability ratios such as operating
profit margin, ROE, ROA and asset turnover in evaluating profitability of the organization.
Operating profit margin
This ratio emanates proportion of an organization’s revenue that is remaining after
deduction of variable costs (AlEid, 2015). Thus, high operating margin is usually desirable
for an organization in enabling paying fixed expenses like interest on debts, vital portion in
improving its leverage and in building trust in investors. As a result, Gelato Industries
operating profit margin for the financial year 2014 was 18,000/112,500= 0.16 or 16%
ROE
This financial ratio is crucial to investors since it help in measuring an organization’s
success to generate income or profit for the benefit of the common shareholders (AlEid,
2015). As a result, Gelato Industries ROE for the financial year 2014 was
18,000/70,312*100%= 25.60%.
ROA
This ratio helps in evaluating how easily a given firm could pay off its interest
expenses. It is computed by dividing operating profit (EBIT) by its interest expenses (Arnold,
2011). In essence, interest coverage helps in measuring number of times an organization
could settle its outstanding debts by using its net profit. With these considerations, Gelato
Industries interest coverage for the financial year 2014 was18,000/5,719= 3.15
On overall, given the fact that Gelato Industries’ debt ratio was relatively low, below
1, it can be stated that the company leverage is low and there is also low financing risk. On
the other hand, given that its interest coverage was relatively high it is clear that Gelato is
able to finance its interest expenses.
Profitability analysis
This analysis shows or indicates how an organization generates profits (AlEid, 2015).
In essence, profitability analysis entails utilization of profitability ratios such as operating
profit margin, ROE, ROA and asset turnover in evaluating profitability of the organization.
Operating profit margin
This ratio emanates proportion of an organization’s revenue that is remaining after
deduction of variable costs (AlEid, 2015). Thus, high operating margin is usually desirable
for an organization in enabling paying fixed expenses like interest on debts, vital portion in
improving its leverage and in building trust in investors. As a result, Gelato Industries
operating profit margin for the financial year 2014 was 18,000/112,500= 0.16 or 16%
ROE
This financial ratio is crucial to investors since it help in measuring an organization’s
success to generate income or profit for the benefit of the common shareholders (AlEid,
2015). As a result, Gelato Industries ROE for the financial year 2014 was
18,000/70,312*100%= 25.60%.
ROA
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GROUP ASSIGNMENT 5
The ROA is usually important in measuring organization’s management efficiency in
utilizing its assets to generate income (AlEid, 2015). Basically, ROA is used in measuring
efficiency of an organization in its assets management. With these considerations, Gelato
Industries ROA for the financial year 2014 was 18,000/140,625*100%= 12.80%.
On overall, it can be stated that Gelato was profitable enough given that it had high
ROE, ROA and operating profit margin. Basically, with a high ROE and ROA, it is evident
that Gelato management is effective enough in generating income from assets and from
shareholder’s equity.
Asset management efficiency
This analysis is used in assessing how efficiency and effectively an organization is in
managing assets to generate revenue (AlEid, 2015). The key ratios used in assessing Gelato
Industries asset management efficiency are inventory turnover, fixed assets turnover, asset
turnover and average collection turnover
Asset turnover
The ratios is used in measuring the number of times assets could be used in
accomplishing total turnover and is calculated by subdividing total sales by its total assets
(AlEid, 2015). As from, Gelato Industries financial statements, it is evident that the company
asset turnover for the financial year 2014 was 112,500/140,625= 0.80;
Fixed asset turnover
This ratio is used in assessing number of times an entity’s fixed assets are used in
accomplishing turnover and is calculated by subdividing total sales with its fixed assets
(Sanghani, 2014). In essence, fixed asset turnover is useful in measuring how efficiently an
organization utilizes its fixed assets in generating revenue or sales. It helps in measuring
efficiency of an organization’s operations. From Gelato Industries financial statements, it is
The ROA is usually important in measuring organization’s management efficiency in
utilizing its assets to generate income (AlEid, 2015). Basically, ROA is used in measuring
efficiency of an organization in its assets management. With these considerations, Gelato
Industries ROA for the financial year 2014 was 18,000/140,625*100%= 12.80%.
On overall, it can be stated that Gelato was profitable enough given that it had high
ROE, ROA and operating profit margin. Basically, with a high ROE and ROA, it is evident
that Gelato management is effective enough in generating income from assets and from
shareholder’s equity.
Asset management efficiency
This analysis is used in assessing how efficiency and effectively an organization is in
managing assets to generate revenue (AlEid, 2015). The key ratios used in assessing Gelato
Industries asset management efficiency are inventory turnover, fixed assets turnover, asset
turnover and average collection turnover
Asset turnover
The ratios is used in measuring the number of times assets could be used in
accomplishing total turnover and is calculated by subdividing total sales by its total assets
(AlEid, 2015). As from, Gelato Industries financial statements, it is evident that the company
asset turnover for the financial year 2014 was 112,500/140,625= 0.80;
Fixed asset turnover
This ratio is used in assessing number of times an entity’s fixed assets are used in
accomplishing turnover and is calculated by subdividing total sales with its fixed assets
(Sanghani, 2014). In essence, fixed asset turnover is useful in measuring how efficiently an
organization utilizes its fixed assets in generating revenue or sales. It helps in measuring
efficiency of an organization’s operations. From Gelato Industries financial statements, it is
GROUP ASSIGNMENT 6
evident that the company fixed asset turnover for the financial year 2014 was
112,500/77,500= 1.45.
Inventory turnover
It is utilized in assessing how many times inventories are converted or sold. This is
computed by dividing an organization’s COGS with its total inventories (Sanghani, 2014). A
high number means that there is risk of stock-out. Based Gelato Industries financial
statements, it is evident that the company inventory turnover for the financial year 2014 was
112,500/36,250= 3.10.
Average collection period
This ratio is used in measuring number of days it would take for an organization to
collect amount on credit from debtors. Here, lower number is more preferred than higher
number since it implies that the firm is getting its cash more quickly (Sanghani, 2014). The
ratio is computed by dividing number of days in a year by receivable turnover. From the
financial statements provided, it is evident that Gelato Industries’ average collection period
for the financial year 2014 was 365/(112,500/15,625)= 50.69 days.
Based on the asset management efficiency analysis above, it is evident that Gelato is
efficient in managing its assets to generate sales. To be more specific, it is evident that the
company is efficient on how it manages its receivable collection and asset utilization.
c) Gelato Industries price–earnings, EPS as well as its market-to-book ratios
Earnings per share also referred to as EPS is the proportion of an organization’s profit
that is allocated to every share outstanding. It usually serves as the signal of an organization’s
profitability (Sanghani, 2014). This ratio is crucial in determining the stock value. It is
usually computed by dividing net income or profit by number of outstanding shares. Thus, in
this case, Gelato industries EPS for the year 2015 = net profit/share outstanding =
22,884/5000= 4.58.
evident that the company fixed asset turnover for the financial year 2014 was
112,500/77,500= 1.45.
Inventory turnover
It is utilized in assessing how many times inventories are converted or sold. This is
computed by dividing an organization’s COGS with its total inventories (Sanghani, 2014). A
high number means that there is risk of stock-out. Based Gelato Industries financial
statements, it is evident that the company inventory turnover for the financial year 2014 was
112,500/36,250= 3.10.
Average collection period
This ratio is used in measuring number of days it would take for an organization to
collect amount on credit from debtors. Here, lower number is more preferred than higher
number since it implies that the firm is getting its cash more quickly (Sanghani, 2014). The
ratio is computed by dividing number of days in a year by receivable turnover. From the
financial statements provided, it is evident that Gelato Industries’ average collection period
for the financial year 2014 was 365/(112,500/15,625)= 50.69 days.
Based on the asset management efficiency analysis above, it is evident that Gelato is
efficient in managing its assets to generate sales. To be more specific, it is evident that the
company is efficient on how it manages its receivable collection and asset utilization.
c) Gelato Industries price–earnings, EPS as well as its market-to-book ratios
Earnings per share also referred to as EPS is the proportion of an organization’s profit
that is allocated to every share outstanding. It usually serves as the signal of an organization’s
profitability (Sanghani, 2014). This ratio is crucial in determining the stock value. It is
usually computed by dividing net income or profit by number of outstanding shares. Thus, in
this case, Gelato industries EPS for the year 2015 = net profit/share outstanding =
22,884/5000= 4.58.
GROUP ASSIGNMENT 7
The Price-earnings ratio is a crucial financial ratio that is used in assessing an
organization by measuring its present share price in relation to its EPS. With these
considerations, price-earnings ratio for Gelato would be= price per share/EPS =15/4.58=3.28.
The market-to-book value or the price to book value is the financial ratio used in
assessing an organization’s current market value in relation to its book value. It is used in
measuring an organization’s market price relative to book value (Arbidane, 2015). Basically,
it shows how much equity different investors are paying for every dollar in the total assets.
Here, market value is usually the present stock price of all the outstanding share whole book
value is usually the amount that is left in case an organization is liquidated. In essence, book
value is equivalent to net assets of an organization (AlEid, 2015).Thus, market to book value
of Gelato Industries is equal to = price per share divided by the book value or BV per share.
The book value per share =different between assets and liabilities divided by share
outstanding= (195,000-119535)/5000=75,465/5000=15.093. Thus, given that the book value
per share is equal to 15.093, the market to book value for the company would be; price/BV =
15/15.093= 0.99
d) Description of financial condition and performance of Gelato Industries Based on
sections a, b and c
As from the analysis on section a and b above, it is evident that Gelato is performing
relatively well in terms of its assets management and its capital structure. In addition, it is
also clear that Gelato is profitable enough due to its high operating profit margin. The high
ROA and ROE is also a clear signal of the profitability of the company in terms of equity and
asset utilization to generate income. It is also evident from Gelato liquidity analysis that the
company was having easier time in settling its short-term debt commitments.
By looking at section c above particularly on the EPS results, it is evident that Gelato
Industries was profitable enough. This is evidence by relatively high EPS which shows that
The Price-earnings ratio is a crucial financial ratio that is used in assessing an
organization by measuring its present share price in relation to its EPS. With these
considerations, price-earnings ratio for Gelato would be= price per share/EPS =15/4.58=3.28.
The market-to-book value or the price to book value is the financial ratio used in
assessing an organization’s current market value in relation to its book value. It is used in
measuring an organization’s market price relative to book value (Arbidane, 2015). Basically,
it shows how much equity different investors are paying for every dollar in the total assets.
Here, market value is usually the present stock price of all the outstanding share whole book
value is usually the amount that is left in case an organization is liquidated. In essence, book
value is equivalent to net assets of an organization (AlEid, 2015).Thus, market to book value
of Gelato Industries is equal to = price per share divided by the book value or BV per share.
The book value per share =different between assets and liabilities divided by share
outstanding= (195,000-119535)/5000=75,465/5000=15.093. Thus, given that the book value
per share is equal to 15.093, the market to book value for the company would be; price/BV =
15/15.093= 0.99
d) Description of financial condition and performance of Gelato Industries Based on
sections a, b and c
As from the analysis on section a and b above, it is evident that Gelato is performing
relatively well in terms of its assets management and its capital structure. In addition, it is
also clear that Gelato is profitable enough due to its high operating profit margin. The high
ROA and ROE is also a clear signal of the profitability of the company in terms of equity and
asset utilization to generate income. It is also evident from Gelato liquidity analysis that the
company was having easier time in settling its short-term debt commitments.
By looking at section c above particularly on the EPS results, it is evident that Gelato
Industries was profitable enough. This is evidence by relatively high EPS which shows that
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GROUP ASSIGNMENT 8
there is high profit allocated to outstanding shares. Further, given that the P/E ratio for Gelato
for the financial year 2015 was relatively high at 3.28, it is evident that Gelato is financially
healthy. In essence, the high P/E ratio is a clear indication that Gelato Industries expect to
post higher returns growth in future. Furthermore, the observations on the section c on P/E
ratios show that the stock is currently overpriced. Further, based on the calculations in section
c above, it is evident that Gelato Industries stocks are undervalued. This is evidence by the
fact that its market to book value for the financial year 2015 was below 1.
e) Warren Buffet on Investment
i. Summary about Warren Buffet
Warren Buffett’s advices on investment are timeless. One might loss tract on
investment or might make several investment mistakes, but all of them fall under different
investment tips provided by Warren. The world’s greatest investor for a long time has never
been at any time shy on strategies that assisted or aided him accumulate the $72 billion and
his growing company, Bershire Hathaway, into the juggernaut prized at more than $212
billion (YouTube, 2017). Nonetheless, Warren does not encourage average individual
investors in trying to mimic his key success.
ii. Key Points That Warren Makes In Relation To Investment
In his YouTube featuring interviews, a number of points that Warren makes in
relations to investments. Some of these issues include advice on the worst investment one can
make. In his commentary, the worst investment one can make is investing in cash over time.
Basically, individuals always tend to keep sufficient cash so as to feel comfortable, but this is
not necessarily because they like cash (YouTube, 2017). The second point is that to be a
successful investor, one should focus on competition as well. In his commentary, Warren
stated that in case one is determined in picking stocks, s/he should not venture in those
businesses s/he does not understand. Thus, from his advices, it is good for one to take time to
there is high profit allocated to outstanding shares. Further, given that the P/E ratio for Gelato
for the financial year 2015 was relatively high at 3.28, it is evident that Gelato is financially
healthy. In essence, the high P/E ratio is a clear indication that Gelato Industries expect to
post higher returns growth in future. Furthermore, the observations on the section c on P/E
ratios show that the stock is currently overpriced. Further, based on the calculations in section
c above, it is evident that Gelato Industries stocks are undervalued. This is evidence by the
fact that its market to book value for the financial year 2015 was below 1.
e) Warren Buffet on Investment
i. Summary about Warren Buffet
Warren Buffett’s advices on investment are timeless. One might loss tract on
investment or might make several investment mistakes, but all of them fall under different
investment tips provided by Warren. The world’s greatest investor for a long time has never
been at any time shy on strategies that assisted or aided him accumulate the $72 billion and
his growing company, Bershire Hathaway, into the juggernaut prized at more than $212
billion (YouTube, 2017). Nonetheless, Warren does not encourage average individual
investors in trying to mimic his key success.
ii. Key Points That Warren Makes In Relation To Investment
In his YouTube featuring interviews, a number of points that Warren makes in
relations to investments. Some of these issues include advice on the worst investment one can
make. In his commentary, the worst investment one can make is investing in cash over time.
Basically, individuals always tend to keep sufficient cash so as to feel comfortable, but this is
not necessarily because they like cash (YouTube, 2017). The second point is that to be a
successful investor, one should focus on competition as well. In his commentary, Warren
stated that in case one is determined in picking stocks, s/he should not venture in those
businesses s/he does not understand. Thus, from his advices, it is good for one to take time to
GROUP ASSIGNMENT 9
under a given business before making any investment move. Further, it is good while making
any investment to have trust in oneself. One has to divorce himself from all greed and fears of
individuals around them. This makes it easier for them to make better investments (YouTube,
2017).
under a given business before making any investment move. Further, it is good while making
any investment to have trust in oneself. One has to divorce himself from all greed and fears of
individuals around them. This makes it easier for them to make better investments (YouTube,
2017).
GROUP ASSIGNMENT
10
References
Akhtar, N. (2014). Impact of efficient management of working capital on profitability:
chemical companies listed at the KSE. Pakistan Business Review, 333.
AlEid, A. B. M. (2015). A Financial Statement Analysis on Three Major Construction
Companies in the UAE (Arabtec Holding PJSC, Drake & Scull PJSC and Emaar
Properties PJSC) (Doctoral dissertation, The British University in Dubai (BUiD)).
Arbidane, I. (2015). Management of current assets in the context of increasing the
Enterprise’s Profitability. In Proceedings of the 10th International Scientific and
Practical Conference. Volume II (Vol. 27, p. 34).
Arnold, T. (2011). Putting Ratios into a Firm Value Context for Entrepreneurs and
Entrepreneurship Students. The Journal of Entrepreneurial Finance, 15(2), 23.
Sanghani, D. A. (2014). The Effect of Liquidity on the Financial Performance of Non-
Financial Companies Listed At the Nairobi Securities Exchange. Unpublished MBA
Project.
Sharma, V., & Sharma, R. (2014). Relationship between working capital management and
profitability: A comparison of steel and cement industries of India. International
Journal of Management, IT and Engineering, 4(8), 211.
YouTube. (2017). Warren Buffet Best Advice on Successful Investing: Retrieved at 19th
September 2017 from; https://www.youtube.com/watch?v=_5VQPIeZhMc
YouTube. (2017). Warren Buffet Financial Rules to Live By: Retrieved at 19th September
2017 from; https://www.youtube.com/watch?v=gUAtVyWS_4Y
YouTube. (2017). Warren Buffet on Why He’ll Never Sell a Share of Coke Stock: Retrieved
at 19th September 2017 from; https://www.youtube.com/watch?v=4p1_5bZ8I4M
10
References
Akhtar, N. (2014). Impact of efficient management of working capital on profitability:
chemical companies listed at the KSE. Pakistan Business Review, 333.
AlEid, A. B. M. (2015). A Financial Statement Analysis on Three Major Construction
Companies in the UAE (Arabtec Holding PJSC, Drake & Scull PJSC and Emaar
Properties PJSC) (Doctoral dissertation, The British University in Dubai (BUiD)).
Arbidane, I. (2015). Management of current assets in the context of increasing the
Enterprise’s Profitability. In Proceedings of the 10th International Scientific and
Practical Conference. Volume II (Vol. 27, p. 34).
Arnold, T. (2011). Putting Ratios into a Firm Value Context for Entrepreneurs and
Entrepreneurship Students. The Journal of Entrepreneurial Finance, 15(2), 23.
Sanghani, D. A. (2014). The Effect of Liquidity on the Financial Performance of Non-
Financial Companies Listed At the Nairobi Securities Exchange. Unpublished MBA
Project.
Sharma, V., & Sharma, R. (2014). Relationship between working capital management and
profitability: A comparison of steel and cement industries of India. International
Journal of Management, IT and Engineering, 4(8), 211.
YouTube. (2017). Warren Buffet Best Advice on Successful Investing: Retrieved at 19th
September 2017 from; https://www.youtube.com/watch?v=_5VQPIeZhMc
YouTube. (2017). Warren Buffet Financial Rules to Live By: Retrieved at 19th September
2017 from; https://www.youtube.com/watch?v=gUAtVyWS_4Y
YouTube. (2017). Warren Buffet on Why He’ll Never Sell a Share of Coke Stock: Retrieved
at 19th September 2017 from; https://www.youtube.com/watch?v=4p1_5bZ8I4M
1 out of 10
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