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This video discusses the difference between the Text tool and the Rich Text tool as well as Leader Line and Text Line with Arrow tools.
19 - Text Tools
78 - Text and Arrow Tools
47 - Text and Callouts
1547 - Custom Callout Labels
1570 - Working with Label Macros
1924 - Productivity Tips - Using Macros in Object Labels
1925 - Productivity Tips - Adding Labels to Polyline Objects
1934 - Using Annotation Sets to be more Productive