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Halmeldorf had top-tier swords, the most high-tech enhancer of his time (with full slots), and the best (or near-best) shop-bought armor. Goran had a very strong and unique crossbow. The Knight from my playthrough had an artifact spear. Only the elf from Nebka's playthrough didn't have great items (if you don't count Beleorot's item). "Only one of them didn't have great gear" sounds different than "not all of them had great gear," even though the two phrases don't contradict each other.