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Simply put, take the wording at face value, do your research BEFORE you buy, as the refund policy is NOT a satisfaction guarantee. The fact they allow us to refund for games we dont like within that timeframe is a courtesy, not to be treated as free reign to use it for demos.
There is a cool down.
If you're looking for hard limits, or actual numbers, you won't find them. The limits to the refund system are left intentionally vague, and I suspect it's at the discretion of Valve as to what constitutes abuse or not.
The warning you got is a friendly one, and indicates you are getting close to, but haven't yet crossed into what Valve would consider abuse of the refund system. Chill out with your refunding, and remember; The refund system isn't there as a way for you to demo games. You should do plenty of research on a game before you purchase it to minimize the chances that you'll need to refund at all.
Well if you read the whole page, they also talk about abuse. You can't just cherry pick the convenient parts.
https://store.steampowered.com/steam_refunds
You may feel it is a bit vague, and doesn't specifically forbid a high percentage or refunds. But I'd argue that there is a concept of abuse nontheless. And there is a reasonably argument to be made that refunding a majority or large minority of your purchases could fall on that.
In the 8 years the refund policy has been implemented I've probably refunded fewer than a half a dozen games. And Valve not supporting unlimited refunds isn't a new thing either. It's clear they'd prefer people to make informed choices rather than using the refund system to demo games.
That being said, it's a warning and if you were to refund one more game and then lay off and change your ways you may be OK. That's assuming you haven't gotten this message multiple times before, so you'll have to decide for yourself what to do next. From what I understand there's typically two warnings before loss of privileges is on the table. So refund at your own peril I guess.