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<p class=para><a name="watch dog"></a><b>watch dog
-</b> A big dog that makes sure that you don't do anything that you're
+ not supposed to).</p>

<p class=para><a name="WR"></a><b>wooden round –</b> A big piece of ro
+und wood.</p>

perl -e 'while(<>){print "$1\n" if /<b>(.*)<\/b>/;}' smaller.txt