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It looks like the conversion is make on page request is that correct?

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up vote 5 down vote accepted

The cooked HTML (only) is stored at the Post level, and the raw Markdown (only) is stored in the PostHistory table.

So no, the conversion is not on page request, that would be too slow particularly on large questions with lots of answers.

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Does this mean that you create a PostHistory object when you create a post? Otherwise you would not have the markdown available if the post is edited! – Mohamad Jan 4 '11 at 3:40

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