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From: Webster's Revised Unabridged Dictionary (1913)

 Shrewd a. [Compar. Shrewder superl. Shrewdest.]
 1. Inclining to shrew; disposing to curse or scold; hence, vicious; malicious; evil; wicked; mischievous; vexatious; rough; unfair; shrewish. [Obs.]
    [Egypt] hath many shrewd havens, because of the great rocks that ben strong and dangerous to pass by.   --Sir J. Mandeville.
 Every of this happy number
 That have endured shrewd days and nights with us.   --Shak.
 2. Artful; wily; cunning; arch.
    These women are shrewd tempters with their tongues.   --Shak.
 3. Able or clever in practical affairs; sharp in business; astute; sharp-witted; sagacious; keen; as, a shrewd observer; a shrewd design; a shrewd reply.
    Professing to despise the ill opinion of mankind creates a shrewd suspicion that we have deserved it.   --Secker.
 Syn: -- Keen; critical; subtle; artful; astute; sagacious; discerning; acute; penetrating.
 Usage: Shrewd, Sagacious. One who is shrewd is keen to detect errors, to penetrate disguises, to foresee and guard against the selfishness of others. Shrewd is a word of less dignity than sagacious, which implies a comprehensive as well as penetrating mind, whereas shrewd does not.
 -- Shrewd*ly, adv. -- Shrewd*ness, n.