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I'm a little confused about the calculation of investment in fixed capital.

Investment in fixed capital = CAPEX - Depreciation

What is the reasoning for subtracting depreciation from capex? I thought the whole point of the cash flow statement was to show (in a non-accrual way) where cash was spent, so I thought CAPEX shouldn't include any depreciation in it.

Thanks for any help in clarifying this for me.
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