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Step 1
Crush vanilla wafers well. (I prefer to use a food processor here.)
Step 2
In a large bowl, combine crushed wafers, condensed milk, and pecans. Mix well to combine. This takes some work. I usually start with a big wooden spoon, but then use my hands.
Step 3
Divide the mixture evenly and press to form into two logs. Wrap each in wax paper and refrigerate for at least 2 hours to firm up.
Step 4
Slice and serve chilled.