diff --git a/mba/ch34.org b/mba/ch34.org
index 0977fe5..7253cd6 100644
--- a/mba/ch34.org
+++ b/mba/ch34.org
@@ -165,3 +165,23 @@ That's why in some cases, like Depreciation or Loans, we take off on the Income
 - listed under 'current liabilities'
 - payments generally made within a year
 - money a company owed to suppliers or venders for goods or services purchased on credit
+
+** Financial Ratios
+- understand them
+- don't memorize them
+
+*** why do we care
+1. so equity investors can decide to invest or assess our performance
+2. so lenders can decide to lend / assess loan performance
+3. business owners can track performance
+
+*** what matters
+- when you get to B round
+- otherwise cash burn rate / month
+  - friends, family
+  - first venture capital firm
+- cash flow is REALLY important at the end of the process
+
+*** how to read financial statements
+- treat it like a good book
+- look for patterns