My English teacher once jovially remarked that if I were to ever fully understand literature texts by native English writers, I would have to have cultural capital. He went on to add that I wouldn't exactly understand what the term means precisely because I don't have some in the first place.
A quick Google search led me to a Wikipedia article on the term. From whatever I can sense from the article, I figured it refers to the cultural background that a native speaker gets from their upbringing. It seems to me that without cultural capital, one cannot pickup inside-jokes and other little nuances that require cultural immersing.
How close am I in the understanding of the term and what good does it provide in terms of better learning the language?