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100% correct, I've seen him play it without a capo, but he moves it down a whole step and plays in A, its how I play now as it better suites my vocal range
Congratulations, you are the first person I've seen that's gotten this exactly right! I also play without a capo (he played it this way for Magic TV if you search on YouTube), but he seems to mostly play with a capo on 2 like this.