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matteroftaste
ugosantalucia
If you slightly undo the red cap (undo the nut, release 1/8 of a turn anticlockwise and redo allen nut) you unload the bearings slightly. DON'T over-tighten the allen bolt... its a tiny and fragile thing.
It's a good idea not to have too much load on the bearings as they will wear out quicker... sometimes Miche put too much load on them