An adjustable dumbbell (10) includes a central handle (22) which can be selectively connected to one or more outer weights (24) by means of a selector pin (26). The outer weights (24) are arranged in a nested symmetrical stack which provides for a compact construction and storage of the unused weights at the same time. The adjustable dumbbell (10) is also incrementally adjustable, and may be used either in conjunction with or as a substitute for a conventional weight stack in an exercise machine.
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