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The trouble is it's too slippery a concept.
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It explains everything.
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You could explain anything you wanted to.
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You could explain eighty-four valence of nitrogen or something.
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Anything that comes along, you'd say,
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"Ah ha, there are that many latent valences."
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But how do you know there are not more?
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Why do you have latent valences?
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When do you have them?
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When and why do you have partial dissociation?
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This thing didn't explain anything, or explained everything.
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Now, at this point I want you to smile