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In large bowl, beat egg yolks until thick.
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Gradually add granulated sugar, beating until light.
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Slowly stir in cognac and rum.
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Add 1 1/2 quarts cream and about half the egg whites beating until very well combined.
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Beat remaining egg until foamy.
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Gradually add confectioner's sugar, beating well after each addition.
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Continue beating until soft peaks form when beater is slowly raised.
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Gently stir egg whites and remaining cream into egg-yolk mixture.
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Refrigerate, covered until ready to serve.