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I wanted to search for all my HTML files containing that code, but Spotlight wouldn't find them if I typed in the whole code. If I left off the initial ampersand (#8212), Spotlight would find the entries. It seems to me that Spotlight can only find ampersands in certain cases, but which ones those are, I don't know yet.
So if you're looking for coded HTML entities in your files, try searching without the ampersand.

