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Shell buffers support three ways of repeating earlier commands. You can use the same keys used in the minibuffer; these work much as they do in the minibuffer, inserting text from prior commands while point remains always at the end of the buffer. You can move through the buffer to previous inputs in their original place, then resubmit them or copy them to the end. Or you can use a `!'-style history reference.
AC.15.4.1 Shell History Ring Fetching commands from the history list. AC.15.4.2 Shell History Copying Moving to a command and then copying it. AC.15.4.3 Shell History References Expanding `!'-style history references.