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Is the category of topologically free $k[[h]]$-modules locally presentable?

$\newcommand{\colim}{\operatorname{colim}}$ Let $k$ be a field (of characteristic 0, say) and $M$ be a module over $R=k[[h]]$. Recall that the $h$-adic completion of $M$ is $$ \hat M:=\lim M/h^nM, $$ ...
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