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Because it's a big arse round flicking a small light weight bullet out of the muzzle, so they think there will be "less drop". That might be true out to like 300 yards, which isn't long range...

Same issue as .270 - Over bored, requires a big charge of slow burning powder to get good load density and speed, poor selection of bullets

If you chose and efficient bullet, like a 150gr Berger, and got it leaving the tube between 2700-2850fps, it would be very capable as an LR rig. Problem is you will be using a good amount of pretty...