Er, I get this output

HASH|HASH|HASH(0x80fd4d0)
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Grasping at straws have you tried sticking parens around the second ref() call to disambugate it's argument list? Also the 'third segment' is going to print out a stringified hash ref because you're accessing a hash ref which is then stringified (because it's being interpolated in a string). Where's the surprise?
HTH

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broquaint