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I have an under 40' steel boat. She is no slug. You just have to have high enough SA/D ratio--and for that you need enough stability which translates into draft.
Admittedly, most under 40' steel sailboats are slugs because they are, in fact, undercanvassed. But there are no laws of physics that says heavy boats must be slow. You just need enough SA/D to drive them.
One of the benefits of a custom build is that you can get what you what.
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John, sailing a custom 36' double-headed steel sloop--a 2001 derivation of a 1976 Ted Brewer design.
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