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take one of the four elements of the Howey test for an investment contract (which is one of the enumerated categories of a security) and

take one of the four elements of theHoweytest for an "investment contract" (which is one of the enumerated categories of a "security") and defend it as a necessary and proper part of the analysis as to why an investor is entitled to the protections of the federal securities laws.

https://supreme.justia.com/cases/federal/us/328/293/

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