Why we pay special attention or focus to the management of working capital as opposed to regular old "CAPEX", or capital expenditure?

Where does the bulk of CAPEX tend to live on the balance sheet, and where does the bulk of working capital (basically, by definition) tend to live?

As far as breaking down liquidity further, why do you believe that financial analysts often go a step beyond calculating the "Current Ratio" and instead implement the "acid-test" or "quick" ratio? What is it that they are trying to get at?

What might be a drawback of relying too heavily on liquidity ratios to assess the firm's safety? For example, a firm has a current ratio of 4x. Does that automatically mean that the firm's operations and standing are safe - why or why not?