That’s not how it works. That’s not how any of this works. 
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Looks like it’s ready for an internal chamfer.
I’ll be sure to cover how to (not) do this in the lathe class Wednesday.
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If I fits, I sits.
Is that a boring bar?
Yes. It’s an undersized insert clamped in a boring bar. I suspect it didn’t last long no matter how much they tightened that