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Collection Highlights

Common Sense in the Scottish Enlightenment C B Bow

The Rise and Fall of Scottish Common Sense Realism First

Edition. Edition Ferrier

The Welfare State System and Common Security: A Global

Vision for a Common Future B. Vivekanandan

John Rawls and the Common Good Roberto Luppi

Common Errors in English Paul Hancock

Bentham and the Common Law Tradition 2nd Edition Gerald

Postema

Differential Diagnosis of Common Complaints 7th Edition

Essentials of Radiology: Common Indications and

Interpretation 4th Edition Mettler Jr. Md Mph

Getting Back to Business: Why Modern Portfolio Theory

Fails Investors and How You Can Bring Common Sense to Your
Portfolio Daniel Peris
COMMON STOCKS
&
COMMON SENSE
COMMON STOCKS
&
COMMON SENSE
The Strategies, Analyses, Decisions,
and Emotions of a Particularly
Successful Value Investor

UPDATED EDITION

Edgar Wachenheim III

Copyright © 2022 by Edgar Wachenheim III. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by
any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under
Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the
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Library of Congress Cataloging-­in-­Publication Data:

Names: Wachenheim, Edgar, III, author.

Title: Common stocks & common sense : the strategies, analyses,
decisions, and emotions of a particularly successful value investor /
Edgar Wachenheim III.
Description: Updated Edition. | Hoboken, New Jersey : Wiley, [2022] |
Revised edition of the author’s Common stocks & common sense, [2016]
Identifiers: LCCN 2022020005 (print) | LCCN 2022020006 (ebook) |
ISBN 9781119913245 (cloth) | ISBN 9781119913450 (adobe pdf ) |
ISBN 9781119913252 (epub)
Subjects: LCSH: Investments. | Stocks. | Value investing.
Classification: LCC HG4521 .W134 2022 (print) | LCC HG4521 (ebook) | DDC
332.63—dc23/eng/20220422
LC record available at https://lccn.loc.gov/2022020005
LC ebook record available at https://lccn.loc.gov/2022020006

Cover Design: Wiley

To my loving wife, Sue, my four children, and my seven grandchildren.
After health, nothing is more important than family.
 CONTENTS

Introduction ix

1 My Approach to Investing 1
2 The Brief Story of My Life 17
3 IBM 31
Successful investing is about predicting the future more
accurately than the majority of other investors; we predict a
change in IBM’s cost structure.
4 Interstate Bakeries 49
Successful investing often is heavily dependent on the
capabilities and incentives of corporate leadership.
5 U.S. Home Corporation 63
Investors can become frustrated when their swans are priced as
if they are ugly ducks.
6 Centex Corporation 67
Large profits can be earned by successfully predicting a major
positive change in the fundamentals of a company or an
industry.
7 Union Pacific (Railroad) 79
Investors often do not adequately differentiate between short-
term discrete problems and long-term systemic weaknesses.
8 American International Group (AIG) 91
I went to bed with Miss America and woke up with a witch;
this can happen to even the most careful of investors.
9 Lowe’s 101
Using common-sense logic, we conclude there is a high
probability that the U.S. housing market will improve
markedly in the near future; investing is logical and
probabilistic.

vii
 Contents

10 Whirlpool Corporation 113

Extraordinary patience is required when a deeply undervalued
stock continually remains deeply undervalued.
11 Boeing 137
Opportunities can occur when great companies develop
temporary problems.
12 Southwest Airlines 157
When tight markets lead to sharply higher prices for goods or
services, earnings and share prices can become buoyant, even
for normally unattractive businesses.
13 Goldman Sachs 169
Large profits can be earned when perceptions temporarily
differ from realities.
14 General Motors 187
One must rely on judgment and a sixth sense when the
fundamentals of a company become unclear.
15 A Letter to Jack Elgart 221
A letter that summarizes my approach to investing and that
includes a number of do’s and don’ts I found useful in my
career.

About the Author 233

Index 235

viii
 INTRODUCTION

I have a passion for common stocks. For the past 40-­plus years, I have
studied the fundamentals of companies and industries, interviewed
managements, visited offices and factories, constructed models of possible
future earnings, and made thousands of decisions to purchase and sell
stocks. My endeavors have been intense, exciting, fun, and successful.
Thousands of other investment managers, many with higher IQs than
mine, also have intensively searched for stocks that will appreciate sharply,
but relatively few have been as successful as I have been. Why have I been
able to succeed? There is no simple answer. If there were a simple answer,
most others also would have found and adopted successful approaches to
investing and would have enjoyed outsized returns. This has not happened.
However, there must be reasons why some investors are better than others.
With the hope that others will benefit from my approach to investing,
this book will explore what I believe to be the reasons for my relative suc-
cess and will describe the reasoning behind the investment decisions I made
over the years. How will I do this? I am a product of the Harvard Business
School, which teaches business via the case method. Because I believe
the case method is an interesting, relevant, and effective way to explain
the strategies and thinking behind business and investment decisions,
I used the method in this book. Chapters 3 through 14 give an inside
view of 12 investments made over the years by Greenhaven Associates, the
investment management firm I founded in 1987. The explanations sum-
marize Greenhaven’s actual investment process: our research, our analysis,

ix
 Introduction

our models, and our decisions. The explanations also try to explain the
behavioral sides of being in the investment business: our emotions, aspi-
rations, hopes, elations, and disappointments. These chapters are the meat
of the book and should give the reader a detailed inside view of how an
investment manager spends his time and makes his decisions. Also, and
importantly, the chapters should give the reader a material understanding
of why I have been a successful investor—­of what has worked and not
worked.
To give the reader a better understanding of the investment decisions
made in Chapters 3 through 14, I have included Chapter 1, which explains
Greenhaven’s basic approaches and strategies to investing. And because
an investor’s success in carrying out his strategies is heavily dependent on
his personality, temperament, and lifetime experiences, I have included
Chapter 2 about my innate abilities and, more important, about my per-
sonality, emotions, and educational and professional experiences.
Chapter 15, the final chapter of this book, is a letter I wrote to Jack
Elgart, a younger investor who asked for advice on becoming a successful
investment manager. This letter summarizes my investment strategies and
lists a number of “do’s and don’ts” I found useful over the years.
When I was in my teens and twenties, my father continually advised
me that it is a gift to hide one’s abilities—­and my father-­in-­law continu-
ally counseled that one should not call attention to oneself. Why, then, did
I write this book? Why the disobedience to elders whom I respected and
loved? Here is why. Investing in common stocks has been my life’s work,
my passion, my fun, my source of income, and my source of wealth. Over
the years, with hopes of becoming a better investor, I have studied hard
and thought intensively about why some investment ideas have worked
for me and why others have not. And I have thought about the innate
abilities, experiences, creativity, and mental states of those who became
successful investors, and about those who did not. As a result of these
efforts, I developed the psychological and analytical approaches to invest-
ing that have been successful for me. In recent years, I developed a strong

x
 Introduction

desire—­almost a calling—­to share these approaches and experiences with

others lest they be lost to time. That is why I wrote this book.
While the basic facts behind each of the described investments in this
book are accurate, I have forgotten many of the details, such as exact
conversations, estimates of revenues and earnings, dates, and locations.
These I approximated wherever possible—­or, in some cases, pulled from
my imperfect memory. In addition, I have taken the liberty of changing
the names and backgrounds of some individuals to protect their privacy.
I have also revised the original letter to Jack Elgart to include additional
approaches and strategies and to expand some explanations.
I strongly hope that this book stimulates thought about the investment
process. Even if the reader does not agree with parts or all of my approach
to investing, if the book motivates the reader to think deeply about the
science and art of investing, I will feel that the time and effort devoted to
writing this book were time and effort well spent.

xi
 1

MY APPROACH TO
INVESTING

Note: Most of the contents of this chapter will not be new to the majority of
experienced investors. I wrote this chapter to bring less experienced investors up
to speed with the principles of value investing.
In my opinion, good investing largely is common sense, made somewhat
difficult by the behavioral imperfections of humans. We can start with the
straightforward concept that, over the longer term, common stocks are an
unusually attractive investment vehicle, even for an investor whose returns
only equal the stock market’s returns. During the 60-­year period from
1960–2020, the average U.S. common stock provided an average annual
total return (capital gains plus dividends) of close to 10%. In addition to
providing this favorable return, common stocks are highly marketable and,
therefore, can be purchased and sold easily without high frictional costs.
Also, and importantly, if selected properly, common stocks offer consid-
erable protection against risks of permanent loss. What could be better:
favorable returns, high liquidity, and relative safety! That is a home-­run
combination, and that is why I am a great fan of common stocks.

1
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Quiz 1: Problem-solving strategies and techniques

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- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 1: Diagram/Chart/Graph]
Learning Objective 2: Comparative analysis and synthesis
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Case studies and real-world applications
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 4: Statistical analysis and interpretation
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Learning Objective 5: Interdisciplinary approaches
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Theoretical framework and methodology
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Study tips and learning strategies
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 7: Diagram/Chart/Graph]
Key Concept: Statistical analysis and interpretation
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Problem-solving strategies and techniques
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 9: Diagram/Chart/Graph]
Example 9: Current trends and future directions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 10: Diagram/Chart/Graph]
Conclusion 2: Assessment criteria and rubrics
Practice Problem 10: Literature review and discussion
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Problem-solving strategies and techniques
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 12: Learning outcomes and objectives
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Comparative analysis and synthesis
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Remember: Critical analysis and evaluation
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- Sub-point: Additional details and explanations
- Example: Practical application scenario
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- Example: Practical application scenario
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Formula: [Mathematical expression or equation]
Note: Fundamental concepts and principles
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Literature review and discussion
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- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 18: Diagram/Chart/Graph]
Example 18: Learning outcomes and objectives
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 20: Diagram/Chart/Graph]
Section 3: Key terms and definitions
Key Concept: Fundamental concepts and principles
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Literature review and discussion
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- Sub-point: Additional details and explanations
- Example: Practical application scenario
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Key Concept: Assessment criteria and rubrics
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Problem-solving strategies and techniques
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Experimental procedures and results
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 25: Diagram/Chart/Graph]
Example 25: Current trends and future directions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Case studies and real-world applications
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- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Critical analysis and evaluation
• Critical analysis and evaluation
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- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Historical development and evolution
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Learning outcomes and objectives
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 30: Diagram/Chart/Graph]
Unit 4: Case studies and real-world applications
Remember: Ethical considerations and implications
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Case studies and real-world applications
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 32: Diagram/Chart/Graph]
Important: Assessment criteria and rubrics
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Key terms and definitions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 34: Literature review and discussion
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 35: Current trends and future directions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Problem-solving strategies and techniques
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Note: Interdisciplinary approaches
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 38: Diagram/Chart/Graph]
Remember: Learning outcomes and objectives
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 39: Diagram/Chart/Graph]
Important: Best practices and recommendations
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Background 5: Fundamental concepts and principles
Important: Interdisciplinary approaches
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Problem-solving strategies and techniques
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Experimental procedures and results
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 43: Critical analysis and evaluation
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Problem-solving strategies and techniques
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Research findings and conclusions
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- Sub-point: Additional details and explanations
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- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 46: Problem-solving strategies and techniques
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 47: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 48: Diagram/Chart/Graph]
Definition: Best practices and recommendations
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Assessment criteria and rubrics
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Methodology 6: Key terms and definitions
Example 50: Case studies and real-world applications
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Theoretical framework and methodology
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Assessment criteria and rubrics
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Practice Problem 53: Problem-solving strategies and techniques
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Fundamental concepts and principles
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 55: Diagram/Chart/Graph]
Example 55: Study tips and learning strategies
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 56: Diagram/Chart/Graph]
Definition: Study tips and learning strategies
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Practical applications and examples
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 58: Practical applications and examples
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 59: Critical analysis and evaluation
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 60: Diagram/Chart/Graph]
Background 7: Statistical analysis and interpretation
Remember: Interdisciplinary approaches
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Important: Problem-solving strategies and techniques
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Current trends and future directions
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 63: Learning outcomes and objectives
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 64: Research findings and conclusions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Study tips and learning strategies
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 66: Diagram/Chart/Graph]
Remember: Learning outcomes and objectives
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 67: Diagram/Chart/Graph]
Example 67: Historical development and evolution
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Statistical analysis and interpretation
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 69: Problem-solving strategies and techniques
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Section 8: Best practices and recommendations
Key Concept: Historical development and evolution
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Learning outcomes and objectives
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Interdisciplinary approaches
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Comparative analysis and synthesis
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 74: Diagram/Chart/Graph]
Important: Learning outcomes and objectives
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Experimental procedures and results
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 76: Assessment criteria and rubrics
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Literature review and discussion
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- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Historical development and evolution
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Experimental procedures and results
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 80: Diagram/Chart/Graph]
Module 9: Literature review and discussion
Practice Problem 80: Research findings and conclusions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 81: Diagram/Chart/Graph]
Remember: Experimental procedures and results
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 82: Theoretical framework and methodology
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- Sub-point: Additional details and explanations
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