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From Homestar Runner Wiki

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This template uses the decimal code for the apostrophe or single-quote character so that it does not become interpreted with adjacent italics ('') wiki markup. This situation most commonly arises when taking the possessive of titles that should be italicized; it may also be used for the possessive of something in italics.
A tiny amount of space is included before the apostrophe, to avoid colliding with italic letters at the end of the preceding word.