We understand the set of possible mean values of multiplicative functions whose values remain inside or on the unit circle, completely resolving this for real-valued functions. We also establish, in general, a structure theorem for large mean values, which states that the mean value must be the product of the Euler product (for the contribution of the small primes), times the solution to an integral delay equation (for the contribution of the large primes), and these can both be given explicitly. It therefore remains to better understand solutions to a certain class of integral delay equations,
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