I know there’s a few of these posts around, but I wanted to do one purely for my own notes if nothing else. Particularly as I will be setting things up a little differently (partly because I have just installed a SSD and will be using more than one drive and…) because some of the other posts are already out of date, especially since the latest update of Xcode which does not come with GCC. You are welcome to follow this guide, but remember you do so at your own risk.

(Pretty much works for Mountain lion too.)
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