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I agree with your last point.

Cookie-based ads tend to show me things I've already made a decision about. Often, it's something I've thought about but decided against, or sometimes even things I've already spent money on (which has to be the ultimate waste of an ad).

In any case, at the very least, I've already formed a preference on the thing, whereas with a search I typically have no leaning in mind and am thus much more influencable.



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