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It is not true at all Mason. I tried to grow a good beard for a long time, and I was given this advice by my barber. I followed it and was able to grow a very thick beard the next winter.
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Did you ever think that maybe you just got a little older? Please find me some proof of this. Here is my proof to refute you.
http://www.snopes.com/oldwives/hairgrow.asp