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Patek Philippe

Why is 5235 not a "real regulator"?

 

In the video, Mr Stern said 5235 is not a real regulator. But what's the difference between 5235 and a real regulator? I thought regulator means the hours, minute and second hands in separate pivots and with a high accuracy due to its "reference clock" function for the watch makers. It seems to me that 5235 has fulfilled these definitions. Thanks!
Henry

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