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The two word phrase hidden quite cleverly in this long passage is

puzzle fiend.

 Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, 'p' was missing. In the second, 'u' was missing. And continuing to determine each missing alphabet gave me the string 'puzzlefiend'. And it was easy to figure out the phrase 'puzzle fiend' from that.

The lines that gave it away were

In the third stanza

 So look at each word carefully; just read them one-by-one.
 My friend, if every word's perused, your work is almost done!

 And in the seventh stanza

 Every word's important in this lengthy, rambling prose.
 Altering just one could lose the message that's enclosed;

An additional hint that I missed. Thanks Sabre for finding the clue that was craftily embedded into the puzzle

The "capital infraction" phrase in the puzzle was a big giveaway. All the capitalized alphabets in the puzzle spell out "HINT WHAT IS MISSING FROM EACH STANZA".

The two word phrase hidden quite cleverly in this long passage is

PUZZLE FIEND. 

Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, P is missing. In the second, U is missing. Continuing to determine each missing letter gave me the string PUZZLEFIEND. It was easy to figure out the phrase PUZZLE FIEND from that.

The lines that gave it away were

In the third stanza:

So look at each word carefully; just read them one-by-one. 
My friend, if every word's perused, your work is almost done! 

And in the seventh stanza:

Every word's important in this lengthy, rambling prose. 
Altering just one could lose the message that's enclosed;

An additional hint that I missed. Thanks Sabre for finding the clue that was craftily embedded into the puzzle

The "capital infraction" phrase in the puzzle was a big giveaway. All the capitalized letters in the puzzle spell out HINT WHAT IS MISSING FROM EACH STANZA.

The two word phrase hidden quite cleverly in this long passage is

puzzle fiend.

Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, 'p' was missing. In the second, 'u' was missing. And continuing to determine each missing alphabet gave me the string 'puzzlefiend'. And it was easy to figure out the phrase 'puzzle fiend' from that.

The lines that gave it away were

In the third stanza

So look at each word carefully; just read them one-by-one.
My friend, if every word's perused, your work is almost done!

And in the seventh stanza

Every word's important in this lengthy, rambling prose.
Altering just one could lose the message that's enclosed;

The two word phrase hidden quite cleverly in this long passage is

puzzle fiend.

Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, 'p' was missing. In the second, 'u' was missing. And continuing to determine each missing alphabet gave me the string 'puzzlefiend'. And it was easy to figure out the phrase 'puzzle fiend' from that.

The lines that gave it away were

In the third stanza

So look at each word carefully; just read them one-by-one.
My friend, if every word's perused, your work is almost done!

And in the seventh stanza

Every word's important in this lengthy, rambling prose.
Altering just one could lose the message that's enclosed;

An additional hint that I missed. Thanks Sabre for finding the clue that was craftily embedded into the puzzle

The "capital infraction" phrase in the puzzle was a big giveaway. All the capitalized alphabets in the puzzle spell out "HINT WHAT IS MISSING FROM EACH STANZA".

The two word phrase hidden quite cleverly in this long passage is

puzzle fiend.

Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, 'p' was missing. In the second, 'u' was missing. And continuing to determine each missing alphabet gave me the string 'puzzlefiend'. And it was easy to figure out the phrase 'puzzle fiend' from that.

The two word phrase hidden quite cleverly in this long passage is

puzzle fiend.

Which I reckon I am! :-D

This word was hidden in this puzzle in the following way:

In each stanza of four lines, all the letters of the alphabet are present, except one. In the first, 'p' was missing. In the second, 'u' was missing. And continuing to determine each missing alphabet gave me the string 'puzzlefiend'. And it was easy to figure out the phrase 'puzzle fiend' from that.

The lines that gave it away were

In the third stanza

So look at each word carefully; just read them one-by-one.
My friend, if every word's perused, your work is almost done!

And in the seventh stanza

Every word's important in this lengthy, rambling prose.
Altering just one could lose the message that's enclosed;