In Reading 43 “Valuation in Emerging mkts” Schweser page 108. If Net Working Capital remains the same in real terms, how is there a real cash outflow for NWC? Schweser says this is similar to currency translation gain and loss: Even if there is no real cash outflow for NWC (i.e., no flow effect), there is a holding period loss that should be replenished. Can someone explain?